Credit Suisse Adjust Numbers On Citigroup (C) Following Reverse Stock Split, Says Split Is a "Logical Step"

Credit Suisse adjusted estimates and its price target on Citi (NYSE: C) amid the 1-for-10 reverse stock split. The firm is maintaining their Neutral rating.

The firm adjusted 2011, 2012 and 2013 EPS estimates to $4.50, $5.50, and $6.50, (from $0.45, $0.55, and $0.65). The firm adjusted their price target from $5.75 to $57.

Commenting on the split, analyst said M. Orenbuch, "Overall, the reverse stock split was a logical step for the company. The reverse split does not change the underlying fundamentals but perhaps makes the shares more attractive to a certain subset of investors."

The firm's $57 price target represents 1.1x forward tangible book value and 10.3x 2012 earnings, a slight discount to the average target valuation for the large cap bank peer group.

For more ratings news on Citi click here and for the rating history of Citi click here.

Shares of Citi closed at $44.16 yesterday.

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