Bove: Citi Stock Seriously Undervalued (C)

Rochdale Securities banking analyst Dick Bove said in a research note today that Citigroup

stock is "seriously undervalued." He says a government selloff in its holdings and promising restructuring plans have not been fully realized in its tangible book value. Bove reiterated his "buy" rating and $6.90 price target on the stock. Bove said, "One exmaple of the fact that the company's tangible book value is understated is Primerica. Approximately 60 percent of the company was spun off a month ago. The almost 40 percent that Citigroup still owns is worth close to $700 million." Bove backed Chief Executive Vikram Pandit and his leadership, saying he "has guided the transformation of this company from what was essentially a bankrupt entity to what is now likely one of the country's strongest banks." Shares of Citigroup are up 5 cents, or 1.17%, to $3.90 on the day. Learn how to find the best

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