Standpoint Research Starts Citi (C) at Buy, $55 Price Target

Standpoint Research initiated coverage on shares of Citi (NYSE: C) with a Buy rating and a $55 price target Tuesday afternoon.

The firm said, "During the last 90 days, financials have underperformed the S&P by 1000 bps and Citigroup has underperformed by 1500 bps. We think this is a good time to reduce our bet against this industry while taking a longer term view than we normally do."

Standpoint said it has maintained an Underweight sector rating on banks since 2007.

The firm warned Citi shares are "levered to the fragile economy and not recommended for those who are overweight banks."

With Citi shares up 1.9 percent to $38.88 this afternoon, Standpoint's new price target implies potential upside of about 41 percent.

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

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Reddit to join S&P 500 index on Aug. 18, shares leap
• S&P 500 ends lower as investors weigh data, Middle East tensions
• Should you chase this mini rally in gold? Citi weighs in