Citi (C) PT Raised to $86 at Oppenheimer

Oppenheimer analyst Chris Kotowski raised the price target on Citi (NYSE: C) to $86.00 (from $85.00) while maintaining a Outperform rating.

The analyst commented: "Citi reported 2Q24 EPS of $1.52 versus our $1.34E and consensus $1.39E. The results included a ~$400M Visa gain which added ~$0.10 per share to EPS and thus, we view the underlying results as very close to expectations, but a minor beat. The actual results versus our estimates appear in Exhibit 1, and we see only minor deviations from expectations all up and down the P&L. Core pre-provision earnings (PPE) of $6.6B were slightly ahead of the $6.4B we modeled and up 11% Y/Y following on a 6% gain in 1Q. It was the fourth consecutive Y/Y increase compared to seven of ten negative quarters prior to that. In short, while we lost nearly a quarter of the PPE in the early years..."

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