Citigroup Shares Rebound as Analysts Offer Positive Insights on Earnings Beat

cp6225 financial news generic cover c03c5832 d66d 4631 93f1 1532279cc789 - Citigroup Shares Rebound as Analysts Offer Positive Insights on Earnings Beat cp6225 financial news generic cover c03c5832 d66d 4631 93f1 1532279cc789 - Citigroup Shares Rebound as Analysts Offer Positive Insights on Earnings Beat
Citigroup Inc (NYSE: C) witnessed a slight recovery in its shares in early trading on Monday, rebounding from a dip following the release of its second-quarter results on Friday. Analysts have offered their insights on the earnings report as part of the ongoing exciting earnings season. Chris Kotowski, an analyst, maintained an Outperform rating on Citigroup’s stock and raised the price target to $86. He noted that the company reported earnings of $1.52 per share, surpassing the consensus of $1.39 per share, with a one-time gain of around $400 million related to Visa Inc.

Scott Siefers, another analyst, reaffirmed an Overweight rating on Citigroup’s stock while increasing the price target to $73. Siefers highlighted that the bank’s solid quarterly results showcased areas like Investment Banking (IB) and wealth as bright spots, with positive operating leverage in four of the bank’s five main businesses. Analyst Richard Ramsden maintained a Buy rating on Citigroup’s stock with a price target of $72. Ramsden commented on the earnings beat due to lower expenses and provisions offset by a decrease in core fee revenue.

Citigroup’s management reiterated its 2024 guidance amidst regulatory actions by the OCC and Fed. Concerns surrounding last week’s regulatory actions have impacted market sentiments, overshadowing the bank’s actual performance in the second quarter. Despite these challenges, Citigroup continues to showcase growth streaks, backed by consistent year-over-year performance improvements. At the time of publication on Monday, Citigroup’s shares had risen by 0.90% to $65.11, reflecting cautious optimism among investors regarding the future prospects of the bank.

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