Oppenheimer analyst Chris Kotowski lowered the price target on Citi (NYSE: C) to $101.00 (from $106.00) while maintaining an Outperform rating.

The analyst commented, "After a $5.5B loan reserve build that penalized EPS by ~$2.05, C reported 2Q20 EPS of $0.50 (~covering the dividend) versus our GAAP/CECL estimate of ($4.27). We would put 2Q20 economic earnings (i.e., pre-provision earnings – NCOs) at $2.47/share versus our "core" economic earnings estimate of $1.75, which reflects the solid underlying earnings power of the business. The key focus on the call was the seemingly unanswerable question, "How much in reserve builds are left?" which was consistently met with the same answer as in 1Q20: "too hard to tell ... depends ... ." While management seemed comfortable (like JPM and WFC) that this is basically it barring another significant turn for the worse, we would caution that there may be more, but it's manageable."