Market Overview

UPDATE: Sterne Agee Upgrades Citigroup to Buy on Stabilized Risk Factors

Share:
Related C
US Stock Futures Rise Ahead Of ADP Data, Beige Book
Citi to Sell Consumer Bank in Hungary; Financial Terms Not Disclosed
FDIC-Insured Banks' Q2 Earnings Rise on High Revenues (Zacks)

Sterne Agee raised its rating on Citigroup (NYSE: C) from Neutral to Buy with a $50 price target.

Sterne Agee said, "The fourth quarter change in the CEO slot with the appointment of Michael Corbat is a game changer, in our view. The biggest risk at this point is the potential volatility tied to the Euro-zone—which appears to be stabilizing with the global liquidity stimulus and ongoing country-specific actions (Greek debt recently upgraded to B-/B from SD by S&P following a successful bond buyback). In addition, the shares could prove somewhat volatile over the next quarter or two, particularly as capital markets-related revenues are likely to remain uninspiring in the current environment given the persistent fiscal uncertainty emanating from Washington."

Citigroup closed at $41.25 on Wednesday.

Latest Ratings for C

DateFirmActionFromTo
Aug 2015Guggenheim SecuritiesUpgradesNeutralBuy
Jun 2015Deutsche BankDowngradesBuyNeutral
Jun 2015Sterne AgeeDowngradesBuyNeutral

View More Analyst Ratings for C
View the Latest Analyst Ratings

Posted-In: Sterne AgeeAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (C)

Get Benzinga's Newsletters