KBW analyst David Konrad maintains $Citigroup (C.US)$ with a hold rating, and maintains the target price at $70.
According to TipRanks data, the analyst has a success rate of 73.7% and a total average return of 22.2% 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 BofA's and consensus earnings per share estimates for Q3, the company's shares experienced a decline, which intensified during an earnings call when management initially provided an unclear response concerning the potential risk of a regulator-imposed asset-cap. However, the CEO later clarified that the company does not have an asset cap. It is believed that the unfavorable narrative was sufficient to prompt some profit-taking, especially since the stock had been trading close to its year-to-date highs before the earnings announcement.
Despite a robust performance in capital markets and reduced costs leading to an 18% earnings per share beat, the shares experienced a 5% decline. This was attributed to the indication that 2024 expense guidance would remain unchanged, with an expected increase in Q4 expenses by 2% quarter-on-quarter, impacting the earnings run-rate into 2025. In light of this, earnings projections for 2025 have been adjusted downwards by 4% to reflect the anticipated rise in expenses and a decrease in net interest income, though this is somewhat mitigated by an expected increase in fee income.
The company's Q3 earnings surpassed estimates, bolstered by fee income where trading and investment banking fees outstripped 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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