Keefe, Bruyette & Woods Maintains a 'Market Perform' on Citi (C); Progress Continues but Consensus Remains Too High

Keefe, Bruyette & Woods maintains a 'Market Perform' on Citi (NYSE: C) price target cut to $45.00.

KBW analyst says, "Citigroup reported 3Q11 operating results of $0.70 per share (excluding DVA and other hedging gains), coming in below our estimate and consensus. Although we continue to believe that Citi is making progress in its restructuring, the difficult operating environment and the performance of Citi Holdings continues to weigh on results. The core PTPP ROAA came in at 1.18% this quarter. We are lowering estimates and price target."

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

Shares of Citi closed at $27.93 yesterday.

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