Deutsche Bank Maintains a 'Buy' on Citi (C); Q2 A Step In Right Direction, But Consistency Counts

July 16, 2012 11:21 AM EDT Send to a Friend
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Price: $50.70 -1.11%

Rating Summary:
    17 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 28 | New: 24
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Deutsche Bank maintains a 'Buy' on Citi (NYSE: C) price target of $40.00.

Deutsche analyst said, "Ex CVA/DVA, 2Q EPS was $0.90 (reported EPS was $0.95) vs. our estimate of $0.78 and consensus of $0.89 (unclear what basis this is on). Vs our estimate, upside came from a lower tax rate (17% vs. our estimate of 27.5%), slightly better trends in capital markets than we expected, and some hedge gains within lending (in S&B). Most other trends were in line—including net interest income/NIM, expenses and credit."

However, Deutsche's analyst said despite Q2 being a step in the right direction, one issue for the stock is volatile quarters (one good quarterly report, followed by one poor one). The stock should close its gap versus peers if the company can report a few more strong quarters in a row.

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 $26.65 yesterday.


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