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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