Citi (C) PT Raised to $82 at Deutsche Bank; Remains Positive

September 27, 2018 7:42 AM EDT
Get Alerts C Hot Sheet
Price: $45.95 --0%

Rating Summary:
    21 Buy, 16 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 7 | New: 20
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Deutsche Bank analyst Matt O\'Connor raised the price target on Citi (NYSE: C) to $82.00 (from $76.00) while maintaining a Buy rating.

The analyst commented, "Since we upgraded C to Buy in June, shares have outperformed the BKX by nearly 10% (and BAC/JPM by 400bps). This likely reflects the following: a strong capital distribution plan from the 2018 CCAR, more clarity/assurance around 2019/20 efficiency efforts, and market perception that mgmt changes reflect increased pressure/urgency to deliver on targets. We reiterate our Buy rating and raise our TP to $82, reflecting an increase in our target multiple from 11.0x to 11.4x, mostly due to increased confidence in efficiency efforts."

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