Citizens Financial price target raised to $52 from $48 at RBC Capital

RBC Capital analyst Gerard Cassidy raised the firm’s price target on Citizens Financial to $52 from $48 and keeps an Outperform rating on the shares after its Q1 results. The quarter saw a better-than-expected noninterest income and a lower-than-expected provision for credit losses, partially offset by higher-than-expected noninterest expense, a higher tax rate and lower net interest income, the analyst tells investors in a research note. RBC adds that capital remained strong for Citizens Financial in the quarter, with the fully phased-in Basel III common equity tier ratio at 10.0% – flat with the prior quarter and up from 9.7% in the year-ago quarter.