Citigroup (NYSE:C)‘s stock had its “buy” rating reiterated by equities researchers at Bank of America Corp. in a research report issued on Thursday, Analyst Ratings.Net reports. They currently have a $61.00 price objective on the stock, up from their previous price objective of $58.00. Bank of America Corp.’s target price points to a potential upside of 20.29% from the stock’s previous close.
The analysts wrote, “Despite recent underperformance and sell-side downgrades, we think C remains one of the most compelling ideas among large-cap financials heading into 2014. In this note, we have come up with six reasons why we think the market should stay bullish on C. But if we could boil it down to one line, it is this: At this mid-stage of recovery, investors should own the US-based, globally exposed bank stock trading below tangible book that has plenty of capital and is also a ‘self help’ story. We raise our PO on C to $61 from $58, as we roll forward our valuation basis by one year. This implies a 20% return, or nearly double the S&P return implied by the 2000 target set by our strategists.”
Citigroup (NYSE:C) last posted its quarterly earnings results on Tuesday, October 15th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by $0.09. The company had revenue of $18.20 million for the quarter, compared to the consensus estimate of $18.73 billion. During the same quarter in the previous year, the company posted $1.06 earnings per share. The company’s revenue for the quarter was down 7.8% on a year-over-year basis.
A number of other firms have also recently commented on C. Analysts at Morgan Stanley reiterated a “hold” rating on shares of Citigroup in a research note to investors on Wednesday, December 4th. Separately, analysts at Deutsche Bank downgraded shares of Citigroup from a “buy” rating to a “hold” rating in a research note to investors on Wednesday, December 4th. They now have a $56.00 price target on the stock, down previously from $61.00. Finally, analysts at Goldman Sachs Group Inc. downgraded shares of Citigroup from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, December 4th. They now have a $60.00 price target on the stock, up previously from $58.00. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $57.51.
Citigroup Inc (NYSE:C) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
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