Nomura Securities Q2 Review on Citi (C): Solid Core, But Still Dragged By Holdings
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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 $41.00.
Analyst, Glenn Schorr, said, "EPS of $1.00 (ex-CVA/Akbank) vs. Our/Street Ests of $0.91/$0.89...Not bad considering the environment, as revenues hung in (flat y/y at Citicorp), expenses were in check (Corp down 3% y/y and at bottom of exp range), capital markets were OK (decent FICC & IB, not equities), core loans and deposits grew (Citicorp loans +10% y/y), capital built (same 7.9% B3 T1C as JPM), and Holdings continued to shrink (but is still a material P&L drag). While a low tax rate, a $984 mm reserve release (but in half y/y), and some slowing in Asia will draw some attention, we think the overall Citi story is intact and very interesting at 51% of TBV."
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 $26.65 yesterday.
Analyst, Glenn Schorr, said, "EPS of $1.00 (ex-CVA/Akbank) vs. Our/Street Ests of $0.91/$0.89...Not bad considering the environment, as revenues hung in (flat y/y at Citicorp), expenses were in check (Corp down 3% y/y and at bottom of exp range), capital markets were OK (decent FICC & IB, not equities), core loans and deposits grew (Citicorp loans +10% y/y), capital built (same 7.9% B3 T1C as JPM), and Holdings continued to shrink (but is still a material P&L drag). While a low tax rate, a $984 mm reserve release (but in half y/y), and some slowing in Asia will draw some attention, we think the overall Citi story is intact and very interesting at 51% of TBV."
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 $26.65 yesterday.
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