Citi (C) PT Raised to $93 at Oppenheimer
Oppenheimer raised its price target on Citi (NYSE: C) to $93.00 (from $89.00) while maintaining an Outperform rating.
Analyst Chris Kotowski commented, "As expected, the tax law change resulted in a write-down of Citi's DTA, driving a $7.15 reported loss per share for 4Q17, most of which did not, however, impact regulatory capital. Excluding the tax impact, EPS would have been $1.28, but that benefited from $0.08 of benefits on the tax and discontinued operations lines. Thus, core operating results were $1.20 per share, very much in line with our $1.19 estimate, and the line items were good comparisons as all the "marks" were "below the line." Citi's core operating fundamentals were very much on track with preprovision earnings (PPE) of $7.2B fractionally ahead of our $7.1B estimate and net charge-offs of $1.9B spot on."