These Analysts Revise Their Forecasts On Citigroup Following Q1 Results

Citigroup Inc C posted better-than-expected earnings for its first quarter on Friday.

Citigroup reported a first-quarter fiscal 2024 revenue decline of 2% year-over-year to $21.10 billion, beating the consensus of $20.39 billion. GAAP EPS of $1.58 beat the consensus of $1.20, according to data from Benzinga Pro.

Services revenue grew 8% year over year to $4.77 billion, mainly due to higher net interest income across Treasury and Trade Solutions (TTS) and Security Services. Markets revenue declined by 7% Y/Y to $5.38 billion, driven by a decline in Fixed Income.

The total allowance for credit losses on loans was $18.3 billion, with a reserve-to-funded loans ratio of 2.75%, compared to $17.2 billion, or 2.65% of funded loans, at the end of the prior-year period.

Net income of $3.4 billion decreased 27% year over year, primarily due to higher expenses and credit costs. Operating expenses stood at $14.2 billion, an increase of 7% year over year.

Citigroup reiterated fiscal 2024 adjusted revenue outlook of $80.00 billion—$81.00 billion vs. the consensus of $73.69 billion.

Citigroup shares fell 0.6% to trade at $59.33 on Monday.

These analysts made changes to their price targets on Citigroup following earnings announcement.

  • Oppenheimer cut the price target on Citigroup from $88 to $87. Oppenheimer analyst Chris Kotowski maintained an Outperform rating.
  • Piper Sandler raised the price target on Citigroup from $67 to $70. Piper Sandler analyst Scott Siefers maintained an Overweight rating.

 

Now Read This: Dow Jumps Over 300 Points; Goldman Sachs Posts Upbeat Earnings

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!