Nomura Securities Maintains a 'Buy' on Citi (C); Q1 First Look: Getting Better
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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 $47.00.
Analyst, Glenn Schorr, said, "Well rounded quarter with a much better quarter at the IB, continued loan and deposit growth (esp. Asia & Latam), a flat NIM and decent credit trends combining with good expense control (-7% q/q and flat y/y) to produce positive operating leverage, good book growth (9.3% y/y) and improving capital ratios (just 120 bps behind JPM, hello CCAR II). Holdings continues to shrink, but is still a $1bn/qtr P&L drag, though there was some reserve build so next quarter could get better. All in, we think Citi’s executing according to plan and the stock is cheap – book is ~$62, tangible book ~$51 and stock is at 7.6x run rate earnings."
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 $33.41 yesterday.
Analyst, Glenn Schorr, said, "Well rounded quarter with a much better quarter at the IB, continued loan and deposit growth (esp. Asia & Latam), a flat NIM and decent credit trends combining with good expense control (-7% q/q and flat y/y) to produce positive operating leverage, good book growth (9.3% y/y) and improving capital ratios (just 120 bps behind JPM, hello CCAR II). Holdings continues to shrink, but is still a $1bn/qtr P&L drag, though there was some reserve build so next quarter could get better. All in, we think Citi’s executing according to plan and the stock is cheap – book is ~$62, tangible book ~$51 and stock is at 7.6x run rate earnings."
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 $33.41 yesterday.
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