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Nomura Securities Maintains a 'Buy' on Citi (C); Raising FY12 After Q1 Review

April 17, 2012 8:45 AM EDT Send to a Friend
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Price: $51.86 --0%

Rating Summary:
    17 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 6 | New: 23
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Nomura Securities maintains a 'Buy' on Citi (NYSE: C) price target of $47.00.

Analyst, Glenn Schorr, said, "1Q12 EPS of $1.11 ex-CVA/DVA vs. Our/Street Ests of $1.05/$1.01. Well-rounded quarter with a much better quarter at the IB, continued loan and deposit growth (esp. Asia & LatAm), a flat NIM and decent credit trends combining with good expense control to produce positive operating leverage, good book growth and improving capital ratios. We think Citi’s executing according to plan and the stock is attractive – book is ~$62, tangible book ~$51 and the stock is at 7.6x run-rate earnings. With the CCAR resubmission in process, the 2013 capital return story also remains on track. 2012E EPS goes from $3.90 to $4.70."

For an analyst ratings summary and ratings history on Citi click here. For more ratings news on Citi click here.

Shares of Citi closed at $34.00 yesterday.




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