Oppenheimer Says Citi (C) is Cheap at 58% of Tangible Book

Oppenheimer reiterated their Outperform rating and $47 price target on Citi (NYSE: C) following weak Q4 results on Tuesday.

The firm notes that while results were significantly weaker than we expected, "we remain convinced that the company is on the mend and that the stock is way too cheap at 58% of tangible book."

A weak wholesale Securities & Banking business, which lost $0.2 billion, in the quarter was a drag on earnings and everything else was pretty flat with the prior quarter, the firm said.

The firm said despite the weak quarter they are maintaining 2012 EPS estimates, as management gave strong guidance that expenses should be down $2.5 billion or
more.

For an analyst ratings summary and ratings history on Citi click here. For more ratings news on Citi click here.

Shares of Citi closed at $28.22 yesterday.

---

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

---

You May Also Be Interested In

• UBS Reiterates Neutral Rating on LVMH Moet Hennessy Louis Vuitton SE (MC:FP) (LVMUY)
• Wells Fargo Reiterates Equal Weight Rating on OneMain (OMF)
• William Penn Bancorporation (WMPN) Tops Q3 EPS by 1c