Citizens Financial price target lowered to $48 from $58 at Raymond James

Raymond James lowered the firm’s price target on Citizens Financial (CFG) to $48 from $58 and keeps a Strong Buy rating on the shares following quarterly results. The firm says highlights include net interest margin expansion, impressive growth from the private bank, solid credit metrics, and core loan balances trending higher. However, economic uncertainty led Raymond James to more conservative forecasting, resulting in a slight negative revision to its EPS estimates. The firm remains bullish on the shares, as it believes Citizens is well-positioned to produce superior EPS growth due to net interest margin expansion and realization of operating efficiencies.