Piper Sandler Reiterates Overweight Rating on Citizens Financial Group (CFG)

Piper Sandler analyst R. Scott Siefers reiterated an Overweight rating and $48.00 price target on Citizens Financial Group (NYSE: CFG).

The analyst commented, "CFG has become more of a battleground name recently. The stock has done quite well as management has articulated its longer-term vision to build out the private bank and as swap benefits will likely improve the NII trajectory meaningfully in coming years. Plus, the company has a solid capital position that leaves it with optionality others lack. However, increasingly we field questions about how sturdy the N-T NII outlook will be given possible pressure on asset yields from lower long-term rates and whether funding costs can come down quickly enough to keep pace. Put another way, there is a bit of a push-and-pull between those focused on the N-T vs. those focused on the longer-term story. CFG only occassionally revisits its line-item guidance mid-Q. Thus, we suspect investors will be listening very closely for any hints about comfort with guidance during public comments. However, we feel as if we would be surprised if the company ended up altering its PPNR guide meaningfully."

For an analyst ratings summary and ratings history on Citizens Financial Group click here. For more ratings news on Citizens Financial Group click here.

Shares of Citizens Financial Group closed at $43.05 yesterday.

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