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In a report published Thursday, Deutsche Bank analyst Matt O'Connor downgraded the rating on
CitigroupC from Buy to Hold, and lowered the price target from $61.00 to $56.00.
In the report, Deutsche Bank noted, “While the timing is uncertain, most expect the Fed to slow its bond purchase program soon (i.e. taper) and will likely eventually stop it altogether. In addition, fixed income flows have turned negative and seem unlikely to return to the robust levels seen in recent years anytime soon. These events taken together could be the most important driver of markets (and bank stocks) over the next few years. In this report, we discuss who will replace the Fed's buying, the potential impact on credit markets and what it means for the US Banks. We also downgrade both C and MS from BUY to HOLD.”
Citigroup closed on Wednesday at $52.04.
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