Citigroup Stock Rating Reaffirmed by Morgan Stanley (C)
Citigroup (NYSE:C)‘s stock had its “overweight” rating reiterated by analysts at Morgan Stanley in a research report issued to clients and investors on Tuesday, American Banking & Market News reports. They currently have a $60.00 price objective on the stock. Morgan Stanley’s target price suggests a potential upside of 28.89% from the stock’s previous close.
The analysts wrote, “No impact to our EPS estimate post Citi’s announced $1.125b RMBS settlement with institutional investors. Citi is about 90% reserved for the settlement and we expect an incremental $100m legal reserve build for this settlement in 1q, which is more than covered by our $850m legal reserve build estimate. All-in, settlement largely in line with expectations.”
Shares of Citigroup (NYSE:C) traded down 0.43% during mid-day trading on Tuesday, hitting $46.35. 8,451,629 shares of the company’s stock traded hands. Citigroup has a 52 week low of $43.68 and a 52 week high of $55.28. The stock’s 50-day moving average is $48.50 and its 200-day moving average is $49.98. The company has a market cap of $140.7 billion and a P/E ratio of 10.71. Citigroup also was the target of a significant drop in short interest in January. As of March 14th, there was short interest totalling 37,552,942 shares, a drop of 7.9% from the February 28th total of 40,793,622 shares. Approximately 1.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 26,868,336 shares, the days-to-cover ratio is presently 1.4 days.
Citigroup (NYSE:C) last released its earnings data on Thursday, January 16th. The company reported $0.82 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.12 by $0.30. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $18.18 billion. During the same quarter last year, the company posted $0.69 earnings per share. Analysts expect that Citigroup will post $4.77 EPS for the current fiscal year.
A number of other firms have also recently commented on C. Analysts at HSBC upgraded shares of Citigroup from an “underweight” rating to a “neutral” rating in a research note on Monday. They now have a $51.00 price target on the stock, up previously from $48.00. Separately, analysts at Oppenheimer raised their price target on shares of Citigroup from $63.00 to $66.00 in a research note on Thursday, April 3rd. They now have an “outperform” rating on the stock. Finally, analysts at Sterne Agee downgraded shares of Citigroup from a “buy” rating to a “neutral” rating in a research note on Thursday, April 3rd. They now have a $52.00 price target on the stock, down previously from $61.00. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $58.00.
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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