Oppenheimer Says Citi (C) is Cheap at 58% of Tangible Book
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24 Buy, 13 Hold, 2 Sell
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Rating Summary:
24 Buy, 13 Hold, 2 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 19
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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.
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.
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