Oppenheimer: CIT Group will pay off patient investors

• "We're seeing the sausage made and it's not pretty," says Oppenheimer's Chris Kotowski, maintaining an Overweight and $58 price target on CIT Group (CIT +0.7%). "But at the end of this process there are some good businesses here."
• Kotowski takes note of CIT's transportation equipment leasing business and how it makes up an increasing portion of the company's revenue and earnings. It's comparable to companies like Air Lease and Gatix. It'll take a year or two, says Kotowski, but CIT could be worth a great deal more at the end of the process.
• Instead of valuing CIT as a mature, stable regional bank, he says, think of CIT as more of a P-E portfolio undergoing a restructuring.