These Analysts Revise Their Forecasts On Citigroup Following Q1 Results
Portfolio Pulse from Avi Kapoor
Citigroup Inc (NYSE:C) reported Q1 fiscal 2024 results with a revenue of $21.10 billion, surpassing the consensus of $20.39 billion, and a GAAP EPS of $1.58, beating the $1.20 consensus. Despite a 2% revenue decline year-over-year and a 27% decrease in net income due to higher expenses and credit costs, Citigroup's results exceeded expectations. The company confirmed its fiscal 2024 revenue outlook of $80.00 billion to $81.00 billion, against a consensus of $73.69 billion. Following the announcement, Citigroup shares dropped by 0.6%. Analysts from Oppenheimer and Piper Sandler adjusted their price targets on Citigroup, with Oppenheimer lowering it to $87 and Piper Sandler increasing it to $70.
April 15, 2024 | 4:09 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Citigroup reported better-than-expected Q1 fiscal 2024 results, with a slight revenue decline but beating EPS and revenue consensus. The company reaffirmed its optimistic fiscal 2024 revenue outlook, yet shares fell 0.6% following the announcement. Analysts from Oppenheimer and Piper Sandler revised their price targets, indicating mixed analyst sentiment.
Despite Citigroup's positive earnings surprise and reaffirmed revenue outlook for fiscal 2024, the slight drop in share price post-announcement reflects market reactions to immediate financial results and future expectations. Analysts' revised price targets post-earnings suggest a recalibration of expectations, which could influence short-term stock performance. However, the overall positive earnings report and optimistic revenue outlook may stabilize or positively influence the stock in the short term, balanced by the initial negative reaction.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100