Goldman Sachs Adds Citigroup (C) to its Conviction Buy List

January 4, 2013 6:58 AM EST
Get Alerts C Hot Sheet
Price: $55.86 -0.45%

Rating Summary:
    18 Buy, 12 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 17 | New: 13
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Goldman Sachs added Citigroup (NYSE: C) to its Conviction Buy List with a price target of $49.00 (from $42.00).

The firm said the shares are mispriced given its earnings power, especially considering further restructuring could result in an 11% ROTCE over time.

They note shares traded at a discount to peers (7.6x 2014E EPS vs. 11x for peers), despite the fact it has considerably more levers to protect and grow earnings in a difficult revenue environment. They also note management is singularly focused on improving returns with the recent restructuring plan Citi announced in December the first in a multi step process.

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 $41.39 yesterday.

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