On Oct 17, major Wall Street analysts update their ratings for $Citigroup (C.US)$, with price targets ranging from $64 to $91.
Morgan Stanley analyst Betsy Graseck maintains with a buy rating, and adjusts the target price from $86 to $82.
J.P. Morgan analyst Vivek Juneja maintains with a hold rating, and maintains the target price at $71.5.
BofA Securities analyst Ebrahim Poonawala maintains with a buy rating, and adjusts the target price from $76 to $78.
Barclays analyst Jason Goldberg maintains with a hold rating, and adjusts the target price from $63 to $70.
Wells Fargo analyst Mike Mayo maintains with a buy rating, and maintains the target price at $85.
Furthermore, according to the comprehensive report, the opinions of $Citigroup (C.US)$'s main analysts recently are as follows:
Despite surpassing both BofA's and consensus earnings per share estimates for Q3, experiencing a 16% and 13% beat respectively, the company's shares declined. The downturn in share value intensified when management provided an unsatisfactory initial response regarding the potential for a regulatory-imposed asset cap. Although the CEO later clarified that there is no such asset cap, the initial uncertainty contributed to the stock undergoing some profit-taking, particularly since it was trading close to its year-to-date peak just before the earnings announcement.
Despite an EPS beat fueled by robust capital markets and decreased expenses, the share performance was impacted negatively by the steady expense guidance for 2024. This outlook implies a quarter-over-quarter increase of 2% in Q4 expenses, which may affect the earnings run-rate leading into 2025. Subsequent to the earnings report, there has been a revision in the 2025 EPS estimate downwards by 4% to $7.46, factoring in elevated expenses and a dip in net interest income, which is somewhat balanced by an uptick in fee income.
The company's Q3 earnings surpassed estimates, supported by fee income, with trading and investment banking fees outperforming intra-quarter guidance.
Citi's third quarter earnings per share of $1.51 surpassed estimates, outdoing both the $1.43 forecast and the consensus of $1.31. Despite this, the company's shares declined by 5.1% on a day when the S&P 500 saw only a 0.7% drop and the BKX rose by 0.3%. During the Q&A session, key issues raised included credit card losses reaching the higher end of expectations, speculation on an unannounced asset cap, uncertainties around the Banamex IPO launch by 2025, and how the company plans to achieve its 2026 expense guidance of $51-$53 billion compared to this year's $53.8 billion.
Here are the latest investment ratings and price targets for $Citigroup (C.US)$ from 10 analysts:
Note:
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