UBS analyst Erika Najarian maintains $Citigroup (C.US)$ with a hold rating, and adjusts the target price from $64 to $71.
According to TipRanks data, the analyst has a success rate of 57.2% and a total average return of 9.6% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Citigroup (C.US)$'s main analysts recently are as follows:
Despite surpassing both BofA and consensus earnings per share estimates by significant margins in Q3, the company's stock experienced a decline, further exacerbated during a call when management's initial response to inquiries about potential regulatory asset caps seemed unconvincing. However, the CEO later clarified that the company is not operating under any asset cap. It's suggested that the negative sentiment was sufficient to prompt some investors to secure profits, particularly as the stock's value was approaching year-to-date peaks before the earnings announcement.
Despite a solid capital markets performance and reduced expenses leading to an 18% EPS beat, the shares saw a decline at the day's end. The unchanged expense forecast for 2024 indicates a slight increase in Q4 expenses on a quarter-over-quarter basis, which poses a challenge to the financial run-rate going into 2025. In light of the recent report, the expectation for 2025 EPS has been adjusted downwards by 4% to $7.46, factoring in increased expenditures and a reduction in net interest income, though this is somewhat mitigated by a rise in fee income.
The company's Q3 earnings surpassed estimates, bolstered by fee income, with trading and investment banking fees outperforming intra-quarter expectations.
Note:
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