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

January 4, 2013 6:58 AM EST Send to a Friend
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Price: $52.36 +0.10%

Rating Summary:
    17 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 16 | New: 67
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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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