Citigroup Is One Of The Cheapest Banking Stocks With Solid Operating Trends: Analyst
Portfolio Pulse from Nabaparna Bhattacharya
Oppenheimer analyst Chris Kotowski has reiterated an Outperform rating on Citigroup, Inc. (NYSE:C), increasing the price target to $88 from $84. Despite a 1% YoY decline in Q2 FY23 net revenue to $19.44 billion, the figure beat the consensus of $19.27 billion. EPS was also above consensus at $1.33. Citigroup completed a billion dollars of share buy-backs this quarter, reducing the share count since 2015 by 35%. The bank expects FY23 adjusted revenue of $78 billion - $79 billion.
July 17, 2023 | 7:06 pm
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POSITIVE IMPACT
Citigroup's Q2 FY23 net revenue and EPS beat consensus, and the bank completed a billion dollars of share buy-backs this quarter. The bank's FY23 adjusted revenue is expected to be between $78 billion and $79 billion.
The positive rating from Oppenheimer, along with the increased price target, indicates strong confidence in Citigroup's performance. The bank's Q2 FY23 net revenue and EPS beating consensus, along with the completion of a billion dollars of share buy-backs this quarter, are positive indicators for the bank's financial health. These factors are likely to have a positive impact on the bank's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100