Jefferies Downgrades Citi (C) to Hold
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Jefferies downgraded Citi (NYSE: C) from Buy to Hold with a price target of $63.00 (from $58.00) to reflect post-election stock/EPS dynamics.
Analyst Ken Usdin commented, "Downgrade C to Hold (from Buy); $63 PT We downgrade C to Hold, with the 14% upside to our $63 price target just shy of maintaining a Buy rating. Citi shares are up 12% since the election, inline with JPM and underperforming BAC by 7%. With nearly half of its revenues generated abroad (including 10% in Mexico), domestic pro-growth and protectionist policies may only go so far to help Citi. Tax policy changes could have negative implications on DTA and regulatory capital (depending on several variables). We also believe higher U.S. interest rates should benefit Citi, but more modestly vs. BAC and JPM."
Shares of Citi closed at $56.78 yesterday.
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Related EntitiesCiti, Jefferies & Co
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