SAN FRANCISCO, Aug. 10 /PRNewswire/ -- The following is being issued by
BancBoston Robertson Stephens, a member of the National Association of
Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior financial services analyst Jordan
Hymowitz today downgraded The CIT Group (NYSE: CIT) to a Long-Term Attractive
rating from a Buy. CIT is an investment-grade diversified-finance company
with $28.4 billion in managed assets.
"We are downgrading The CIT Group to a Long-Term Attractive rating from a
Buy," said Hymowitz. The company reaffirmed its intent to acquire Newcourt
Credit.
"We note that while the exchange rate was reduced by 24 percent, CIT's
expectations of Newcourt's earnings were further reduced, pushing deal
accretion to breakeven in 2000 from slightly accretive," said Hymowitz.
"While CIT proceeded with this transaction to gain additional size,
improve cash-returns-on-equity and increase internal growth, we see few of
these benefits accruing in the near-term," said Hymowitz.
Clients interested in receiving more information should contact their
salesperson at 415-781-9700.
BancBoston Robertson Stephens, the section 20 subsidiary of BankBoston
(NYSE: BKB), is a leading international investment bank focused on growth
companies in the technology, life sciences and healthcare, information and
business services, retail and consumer products, real estate, media,
telecommunications, broadcasting, and gaming and lodging sectors. The firm's
55 equity and high yield research analysts cover more than 600 companies.
Since its founding in 1978, BancBoston Robertson Stephens has raised over
$52 billion in initial public offerings, follow-ons and convertible offerings.
The firm has also assisted in over 400 mergers and acquisitions transactions
valued at more than $77 billion. BancBoston Robertson Stephens began its high
yield securities business in February 1997 and since that time has completed
69 transactions, including 15 lead transactions, raising more than
$12.6 billion. BancBoston Robertson Stephens has offices in San Francisco, New
York, Menlo Park, Boston, Chicago, London and Tel Aviv.
The following synopsis is qualified in its entirety by the more detailed
information contained in the full research report, including the discussion of
certain risks associated with an investment in this security contained in
"Investment Risks."
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although opinions
and estimates expressed herein reflect the current judgment of BancBoston
Robertson Stephens, the information upon which such opinions and estimates are
based is not necessarily updated on a regular basis; when it is, the date of
the change in estimate will be noted. In addition, opinions and estimates are
subject to change without notice. This Report contains forward-looking
statements, which involve risks and uncertainties. Actual results may differ
significantly from the results described in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Investment Risks." BancBoston Robertson Stephens from
time to time performs corporate finance or other services for some companies
described herein and may occasionally possess material, nonpublic information
regarding such companies. This information is not used in the preparation of
the opinions and estimates herein. While the information contained in this
Report and the opinions contained herein are based on sources believed to be
reliable, BancBoston Robertson Stephens has not independently verified the
facts, assumptions and estimates contained in this Report. Accordingly, no
representation or warranty, expressed or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information and opinions contained in this Report.
BancBoston Robertson Stephens, its managing directors, its affiliates, and/or
its employees may have an interest in the securities of the issue(s) described
and may make purchases or sales while this report is in circulation.
BancBoston Robertson Stephens International Ltd. is regulated by the
Securities and Futures Authority in the United Kingdom. This publication is
not meant for private customers. The securities discussed herein are not FDIC
insured, are not deposits or other obligations or guarantees of BankBoston
N.A., and are subject to investment risk, including possible loss of any
principal amount invested.
SOURCE BancBoston Robertson Stephens
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