Mad Money host Jim Cramer said on the “Mad Money Lightning Round” segment of his show on Thursday that he believes Citigroup, Inc (NYSE: C)’s stock will be heading substantially higher during the next 12 months. Specifically, Cramer said, “I believe that this stock is still headed higher. I think next year it will be substantially higher.”
Cramer is joined by Rochdale Securities analyst Dick Bove who said in June that Citigroup, Inc (NYSE: C) is “seriously undervalued.” In a research note in June, “One example of the fact that the company’s tangible book value is understated is Primerica,” Bove wrote. “Approximately 60 percent of the company was spun off a month ago. The almost 40 percent that Citigroup still owns is now worth close to $700 million.”
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 0.98% on Friday ending at $4.06 for the day.
