Nomura Securities Maintains a 'Buy' on Citi (C); 4Q11 Earnings Results - Something's Gotta Give
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Price: $138.51 -0.59%
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Nomura Securities maintains a 'Buy' on Citi (NYSE: C) price target lowered $2 to $34.
Analyst, Glenn Schorr, said, "C reported 4Q EPS of $0.38 vs. our/Street estimates of $0.62/$0.54. While the headline miss and stock reaction made it look as if Citi posted a weak quarter across the board, we think the bulk of the miss on the revenue and expense front was IB-related and that several of the other core Citi businesses are in fine shape. Importantly, if revenues at the IB don’t rebound over the next, say, four to five months, we think we’ll likely see more restructuring. Lower costs and lower trending provisions should provide some real support to the soft revenue environment. In our view, adjusting for all of the significant items in the quarter, we think “core” earnings were somewhere in the mid-$0.70 area. We reduced our 2012 EPS estimate to $3.75 from $4.00 and our 2013 EPS estimate to $4.40 from $4.70."
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.
Analyst, Glenn Schorr, said, "C reported 4Q EPS of $0.38 vs. our/Street estimates of $0.62/$0.54. While the headline miss and stock reaction made it look as if Citi posted a weak quarter across the board, we think the bulk of the miss on the revenue and expense front was IB-related and that several of the other core Citi businesses are in fine shape. Importantly, if revenues at the IB don’t rebound over the next, say, four to five months, we think we’ll likely see more restructuring. Lower costs and lower trending provisions should provide some real support to the soft revenue environment. In our view, adjusting for all of the significant items in the quarter, we think “core” earnings were somewhere in the mid-$0.70 area. We reduced our 2012 EPS estimate to $3.75 from $4.00 and our 2013 EPS estimate to $4.40 from $4.70."
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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