Citigroup Inc’s (NYSE: C) momentum continued closing up close to 9% for the week following better than expected first quarter earnings results and now analysts are weighing in.
Citigroup reported first quarter earnings-per-share of $0.14 from continuing operations, versus the consensus estimate of $0.00. Revenue for the quarter totaled $25.4 billion, beating the consensus estimate of $20.77 billion.
The always controversial analyst Richard Bove of Rochdale Securities raised his price target from $5.00 to $6.90 while maintaining a “buy” rating on the company.
KBW raised its price target from $3.70 to $4.70, commenting, “Citigroup reported 1Q10 operating EPS (after adjustments) of $0.08, which compared favorably to both our estimate and the Street. Higher revenues from trading and a stronger NIM in Regional Consumer Banking helped boost results, although results at Citi Holdings also helped the bottom line. Credit costs were also lower than expected as the company essentially matched reserves in 1Q10. Raising estimates and price target.”
Collins Stewart maintained its “hold” rating and set a price target of $6.00 per share on the company, saying “While 1Q10 results for Citi were strong, and we can see signs of a nascent turnaround for the company, given the recent surge in the stock and the likely overhang from pending UST sales, we are reiterating our Hold rating.