Cantor Daily Research Highlights

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Cantor Daily Research Highlights

June 9, 2026

U.S. Equity Research June 9

GLOBAL HEAD OF Citizens Financial Group, Inc. (CFG, $64.35, Overweight, Price Target: $75.00)EQUITY RESEARCH

David Siffringer Dave Rochester (212-610-2210, Dave.Rochester@cantor.com)

212-829-7091 Takeaways from the Road (Chairman/CEO and IR); Reiterate Overweight, Top Pick

David.Siffringer@cantor.com

We are reiterating our Overweight rating and Top Pick designation on shares of CFG, maintaining our 12-month price target

of $75, and maintaining our FY26/27 core EPS estimates of $5.26/$6.60. We recently hosted investor meetings with CFG

management in New York, including Bruce Van Saun (Chairman & CEO) and the IR team, and came away with several

takeaways on the outlook/trends that support our constructive view of the shares, with additional insight into NII, expenses,

M&A, and fees, among other topics, and learned mgmt. remains comfortable with the 2Q and overall guide. In this report,

we provide our (1) key takeaways from our mgmt. meetings, (2) updated stance on the stock, (3) mgmt. outlook/commentary

summary from recent earnings calls, (4) detailed mgmt. guidance vs. consensus analysis, and (5) model highlights.

Key Points

NII guidance seems conservative if recent trends persist. With slightly stronger loan growth than expected and higher rates

than CFG assumed as of March 31, we expect CFG could see NII trends near the higher-end of the guidance range (perhaps

higher), assuming continued favorable loan demand and higher interest rate trends persist, even with a pick-up in deposit

pricing competition (CFG already assumed some of this).

FY26 expense growth guide sounds appropriate for FY27 (but note cons. expense gr. is ~3.5%). We gained the sense that

sub-5% annual exp.