Bank of America Merrill Lynch Reiterates Buy Rating, $46 PT for Citigroup
In a company update published earlier today, Bank of America Merrill Lynch reiterated its Buy rating and $46.00 price target for Citigroup Inc. (NYSE: C).
BofA Merrill Lynch went on to say “Citi is well-positioned to take advantage of the ongoing market recovery and normalizing credit, and continued investment in its Emerging Markets presence also enables C to benefit from strong growth in these areas. Despite considerable near-term headwinds, e.g. regulatory concerns, global macro worries, etc., the revenue growth we expect in Citicorp and rapid decline in Citi Holdings assets should drive significant long-term earnings power - such trends suggest an 6-7% ROE by '13 is achievable.”
Citigroup Inc. closed yesterday at $25.75.
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