Why This Citigroup Analyst Is Turning Bullish: 'We Expect Acceleration In Buybacks'
Portfolio Pulse from Priya Nigam
Citigroup Inc (NYSE:C) has been upgraded from Neutral to Buy by Citigroup analyst Richard Ramsden, with a price target of $68. Despite facing rising delinquencies in the commercial real estate sector, Citigroup is expected to achieve revenue growth at a CAGR of 4% to reach $85.7 billion by 2026, surpassing Street expectations. The bank is also anticipated to reduce costs and potentially accelerate stock buybacks in the coming years, driven by a stronger economic outlook and improved capital generation.
March 14, 2024 | 4:19 pm
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Citigroup Inc has been upgraded from Neutral to Buy with a price target of $68 by analyst Richard Ramsden, indicating a positive outlook on the stock's future performance.
The upgrade by Citigroup analyst Richard Ramsden to a Buy rating reflects a strong confidence in Citigroup's ability to grow revenue, reduce costs, and potentially increase stock buybacks. This positive outlook, based on detailed financial projections and strategic initiatives, suggests a bullish short-term impact on Citigroup's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100