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Citigroup Inc. Message Board

  • getintoh20 getintoh20 Mar 27, 2014 7:57 AM Flag

    KBW downgraded the shares of (C) to Market Perform from Outperform and lowered its price target to $52.00 from $58.00

    In a report published today, KBW downgraded the shares of Citigroup (C) to Market Perform from Outperform and In a report published today, KBW downgraded the shares of Citigroup (C) to Market Perform from Outperform and lowered its price target to $52.00 from $58.00

    “Prior to today, we viewed Citigroup as the best restructuring opportunity in large-cap financials. We believed that the restructuring would support increased capital return in 2014 (and beyond) and this point was critical to our Outperform thesis. However, restructuring has been slow to progress, in our view, and now C is faced with the possibility of lower capital return relative to our expectations over an intermediate time horizon” KBW said in a note to clients

    “Largely on lower return assumptions, we are lowering our 12-month, DCF-based price target to $52 from $58 previously. Our price target and dividend expectations imply a 3.7% total return based on today’s closing price and we believe a Market Perform rating is appropriate given the limited potential upside.” it added

    KBW lowered its 2014 and 2015 EPS estimates to $4.52 and $4.88 from $4.75 and $5.15 respectively
    “Prior to today, we viewed Citigroup as the best restructuring opportunity in large-cap financials. We believed that the restructuring would support increased capital return in 2014 (and beyond) and this point was critical to our Outperform thesis. However, restructuring has been slow to progress, in our view, and now C is faced with the possibility of lower capital return relative to our expectations over an intermediate time horizon” KBW said in a note to clients

    “Largely on lower return assumptions, we are lowering our 12-month, DCF-based price target to $52 from $58 previously. Our price target and dividend expectations imply a 3.7% total return based on today’s closing price and we believe a Market Perform rating is appropriate given the limited potential upside.” it added

    KBW lowered its 2014 and 2015 EPS estimates to $4.52

 
C
44.30+0.17(+0.39%)Jul 22 4:00 PMEDT