In a report published Monday, Sterne Agee Group downgraded its rating on Citigroup C from Buy to Neutral, but reiterated its $33.00 price target.
Sterne Agee noted, “C shares have rallied 30% since the July lows, fueled by renewed optimism tied to the global economy and a meaningful global liquidity infusion. However, as the volatility in the Euro-zone continues, currencies are likely under increasing pressure, uncertainty tied to regulatory reform persists and the prospects for reserve release in Holdings diminish, we see increasing potential downside risk vs. a meaningful upside catalyst, at least in the near/intermediate term.”
Citigroup closed on Friday at $32.72.
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