Citigroup ‘s stock may struggle to break out until the bank completes its transformation under new CEO Jane Fraser, according to Credit Suisse. Analyst Susan Roth Katzke downgraded Citi to neutral from outperform, saying in a note to clients Friday that there were better options for investors. “We realize that the downside to C shares may prove more limited given a valuation within reach of prior cyclical troughs; but we believe the upside, relative to peers, will also prove more limited given the long road ahead in Citi’s transformation process,” Roth Katzke wrote. Shares of Citi have slipped 10% this year, but the stock has put together a nice rally over the past two weeks. The stock closed at $46.56 per share on May 12, and then rose above $54 per share on Thursday, for a gain of 16%. However, the fundamental story for Citi has not changed, signaling that the run may be nearing its in according to Credit Suisse. “Our estimates are unchanged; earnings visibility remains more limited than we’d like compromised by (i) the need for higher levels of investment to support infrastructure transformation and organic growth, (ii) limited near term capital return capacity, and (iii) the pace of market exits,” Roth Katzke wrote. Credit Suisse kept its price target at $58 per share, which is 7% above where the stock closed Thursday. — CNBC’s Michael Bloom contributed to this report.
Information About Los Angeles Financial Times
Saturday,
April
27,
2024
8:07AM
-
InnerPlant helps farmers reduce pesticides and agricultural waste
InnerPlant helps farmers reduce pesticides and agricultural waste
-
Stocks making the biggest moves midday: MSFT, GOOGL, XOM, SNAP
Stocks making the biggest moves midday: MSFT, GOOGL, XOM, SNAP
-
Snap shares rocket 28% as company reports unexpected profit
Snap shares rocket 28% as company reports unexpected profit
-
Berkshire Hathaway to pay $250 million to settle real estate commission lawsuits – Daily News
Berkshire Hathaway to pay $250 million to settle real estate commission lawsuits – Daily News
Your number one source of all things financial.
Popular
- InnerPlant helps farmers reduce pesticides and agricultural waste & Comments Off on InnerPlant helps farmers reduce pesticides and agricultural waste
- New law expands California’s homestead equity protection to $600,000 – Daily News & Comments Off on New law expands California’s homestead equity protection to $600,000 – Daily News
- Heroes on the Frontlines in Riverside Get COVID-19 Vaccine – NBC Los Angeles & Comments Off on Heroes on the Frontlines in Riverside Get COVID-19 Vaccine – NBC Los Angeles
- Why Markets Boomed in a Year of Human Misery & Comments Off on Why Markets Boomed in a Year of Human Misery
- LACo COVID Deaths Set New Records, Hospital Crunch Worsens – NBC Los Angeles & Comments Off on LACo COVID Deaths Set New Records, Hospital Crunch Worsens – NBC Los Angeles
- ‘Brink of Catastrophe.’ Once a Model, California Now Struggles to Tame COVID-19 – NBC Los Angeles & Comments Off on ‘Brink of Catastrophe.’ Once a Model, California Now Struggles to Tame COVID-19 – NBC Los Angeles
Los Angeles Financial times
Copyright © 2024 Los Angeles Financial times