"So far in 2010, Citi shares are up 34%, and Berkowitz believes they could easily double from here."
from article dated March 8, 2010 11:13, but still relevant
A $12 price for Citigroup suggests a market cap of $350.4 billion, based on the current 29.2 billion shares outstanding including units. This would make Citigroup the most valuable company in the world. Not bad for a company that has yet to make a profit.
In comparison to Cramer's suggestion that Citigroup will trade at a $350 billion market cap, Exxon Mobil (NYSE: XOM) is the top company based on market cap at $314 billion, Microsoft (Nasdaq: MSFT) is 2nd at $253 billion, Wal-Mart (NYSE: WMT) is 3rd at $206 billion and Apple (Nasdaq: AAPL) is 4th at $219 billion. The highest bank is JPMorgan Chase (NYSE: JPM) at $170.3 billion.
Boy & Girls,
It's very simple math they are projecting earnings in 2011 on the low end $.60 high end $1.00. Yes, this is per share. Yes, there are 28 billion shares outstanding
Now move to industry norms times earnings. DAH..O Yes, it might go up.
Hate C as much as you want but if they earn their projections this is an easy double from here.
I hope he is more correct than he ever could imagine. I would love to see him realize the biggest gain of his entire career in Citigroup. I would love for them to write books about how he made so much money this year from his investment in "C" that it eclipsed his wildest thoughts of growth in a single stock purchase.
But above all, I hope Citigroup goes up.
That is a nice article. I wish he had given a timeframe for the $10 target.. I think it would be safe to assume that C will be at $10 by mid 2012. I really like the Jan.13 $7.50 calls going for 45 cents. I can see C well over $10 by then.. Just look back 2 yrs. ago at C.. Remember how bad it looked then? BAC went from $3.80 in March 09 to $14 in Oct.09!!! Take $4500 and buy 100 Jan.13 $7.50 calls and leave it alone. Nice profit potential there..