Nomura Starts Citi (C), JPMorgan (JPM) at Buy; Assumes Goldman Sachs (GS) at Buy

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Nomura initiated coverage on Citigroup (NYSE: C) and JP Morgan (NYSE: JPM) with a Buy ratings today.

The firm cited evidence of improving credit card trends and lower commercial and industrial losses. They also expects overall provision expenses to continue to trend lower.

The firm's Top Pick is Citigroup due to strong capital, reserve ratios, higher exposure to faster-growing regions, limited exposure to U.S. regulatory changes, and an attractive valuation.

Nomura also assumed coverage on Goldman Sachs (NYSE: GS) with a Buy, citing its strong footprint outside the U.S., strong client franchise and strong risk management, among other things.

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