Nomura Securities Maintains a 'Buy' on Citi (C); Q3 Review
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Price: $139.33 +0.43%
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Citi (NYSE: C) price target lowered from $41 to $38.
Nomura analyst, Glenn Schorr, said, "Revenues were down 8% q/q, with the capital markets businesses the big drag; however, Citi showed solid growth in the international consumer businesses; total credit losses fell 12% q/q, NIM was up 1bp, transaction services keep humming along, and operating expenses were down a bit. Meanwhile, capital levels improved and tangible book value grew at a 6% annualized clip. Citi’s loan-loss reserves remain healthy, and the bank’s European exposures appear reasonable on a relative and absolute basis. While not a impressive quarter (3Q11 won’t be for anyone), we think Citi is managing through this tough environment pretty well. Our 2011E goes to $4.13 from $3.65, 2012E goes to $4.25 from $4.50, and 2013E goes to $5.00 from $5.30."
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.
Nomura analyst, Glenn Schorr, said, "Revenues were down 8% q/q, with the capital markets businesses the big drag; however, Citi showed solid growth in the international consumer businesses; total credit losses fell 12% q/q, NIM was up 1bp, transaction services keep humming along, and operating expenses were down a bit. Meanwhile, capital levels improved and tangible book value grew at a 6% annualized clip. Citi’s loan-loss reserves remain healthy, and the bank’s European exposures appear reasonable on a relative and absolute basis. While not a impressive quarter (3Q11 won’t be for anyone), we think Citi is managing through this tough environment pretty well. Our 2011E goes to $4.13 from $3.65, 2012E goes to $4.25 from $4.50, and 2013E goes to $5.00 from $5.30."
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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