RBC Capital analyst Gerard Cassidy maintains $Citigroup (C.US)$ with a buy rating, and adjusts the target price from $66 to $67.
According to TipRanks data, the analyst has a success rate of 63.4% and a total average return of 17.2% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Citigroup (C.US)$'s main analysts recently are as follows:
Despite surpassing both the consensus and a financial institution's estimates with a Q3 EPS of $1.48, the company experienced a decline in share value. The sell-off gained momentum when management faced challenges in providing a satisfactory response regarding potential regulatory restrictions on asset growth. The CEO later clarified the situation, stating there was no such restriction in place. Nevertheless, the initial uncertainty contributed to some profit-taking, especially since the share price was close to the peak for the year just before the earnings announcement.
Despite an EPS beat driven by robust capital markets and reduced expenses, the stock experienced a decrease in value due to projections that suggest a rise in expenses in Q4, which could affect the financial run-rate into 2025. Consequently, there's been a revision in the EPS estimate for 2025, accounting for anticipated higher expenses and a reduction in net interest income, although this is somewhat mitigated by an increase in fee income.
The company's Q3 earnings surpassed estimates, bolstered by fee income, with both trading and investment banking fees outperforming the intra-quarter guidance.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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