Piper Sandler Reiterates Overweight Rating on Citi (C)

Piper Sandler analyst R. Scott Siefers reiterated an Overweight rating and $73.00 price target on Citi (NYSE: C).

The analyst commented, "While we continue to like C on its turnaround plan and discounted valuation, we sense that enthusiasm has waned a bit as externalities (such as rate and currency volatility) have crept into the story. The key factor to watch in a mid-Q update will be whether management reiterates its FY24E revenue guidance of $80B to $81B. Within that, the IB outlook will be important given that this business represents an important driver as the Services area begins to taper off. Elsewhere, any progress on the recently disclosed regulatory matters with the OCC and Fed will be helpful to convince investors that C can handle this noise within the context of the company’s broader turnaround. We reiterate our OW rating."

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 $62.64 yesterday.

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