Quick Take on 2Q26 Earnings Result: Broad Based Revenue Tailwinds Building

研报英文原文证据摘录

Quick Take on 2Q26 Earnings Result: Broad Based Revenue Tailwinds Building

Idea

July 17, 2026 12:07 AM GMT

Morgan Stanley & Co. LLCMCitizens Financial Group, Inc | North America Manan Gosalia

Equity Analyst

Quick Take on 2Q26 Earnings Manan.Gosalia@morganstanley.comBrian Wilczynski, CFA +1 212 761-4092

Brian.Wilczynski@morganstanley.com +1 212 761-1084

Result: Broad Based Revenue

Citizens Financial Group, Inc (CFG.N, CFG UN)

Midcap Banks | United States of AmericaTailwinds Building

Stock Rating Overweight

Industry View Attractive

Price target $79.00

Reaction to earnings Shr price, close (Jul 16, 2026) $74.40

Mkt cap, curr (mm) $31,447

Strengthens our thesis Modest upside Modest revision higher 52-Week Range $74.67-45.91

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Accelerating loan growth and capital markets strength are

driving upside to revenue estimates for 2026 and beyond,

corroborating our positive view coming into earnings. Improving

capital return story for 2027 remains intact and is

underappreciated by Consensus. Reiterate Overweight.

Operating EPS of $1.30 beat MS / Consensus of $1.26 / $1.24, mostly driven by

higher net interest income and fees. Citizens increased its 2026 operating leverage

guidance as loan growth and fee income surprise positively, pointing to ~600+bps

versus 500+bps expected in January.

Our Key Takeaways:

• Higher deposit costs are coming with stronger loan growth, driving

upside to NII.

° Loan growth at Citizens accelerated to 3% Q/Q in 2Q26 and is now

tracking at 6% Y/Y beating our 4% estimate coming into earnings.

■ Private Bank and Retail were both positive, but the biggest driver of