Nomura Securities Maintains a 'Buy' on Citi (C); Takeaways From 4Q11 Fixed Income Call
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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 of $34.00.
Analyst, Glenn Schorr, said, "Key takeaways from Citi’s fixed income investor call were largely similar to earnings last week, but with clear and refined commentary on three key topics: 1) S&B revenues were disappointing and the company was firm that, absent a rebound in revenue, further cost restructuring would be pursued (beyond the $600mm already in motion); 2) lower funding costs (loan & deposit growth) and 2012 reduction in long-term debt should help sustain the NIM and 3) the global franchise, especially on a constant-dollar basis, continues to grow at a solid pace. All in, we think today’s comments are a positive and should be good for the stock. We continue to view Citi as attractive (it trades at 0.6x TBV); our estimates and price target remain unchanged."
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 $29.90 yesterday.
Analyst, Glenn Schorr, said, "Key takeaways from Citi’s fixed income investor call were largely similar to earnings last week, but with clear and refined commentary on three key topics: 1) S&B revenues were disappointing and the company was firm that, absent a rebound in revenue, further cost restructuring would be pursued (beyond the $600mm already in motion); 2) lower funding costs (loan & deposit growth) and 2012 reduction in long-term debt should help sustain the NIM and 3) the global franchise, especially on a constant-dollar basis, continues to grow at a solid pace. All in, we think today’s comments are a positive and should be good for the stock. We continue to view Citi as attractive (it trades at 0.6x TBV); our estimates and price target remain unchanged."
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 $29.90 yesterday.
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