Citigroup Analysts Slash Their Forecasts Following Q3 Results

Citigroup Inc. (NYSE:C) on Tuesday posted better-than-expected third-quarter results.

Citigroup reported revenue, net of interest expense, of $23.85 billion, up 8% year over year and above the analyst estimate of $23.72 billion. Net income surged 40% to $5.25 billion. Earnings of $2.85 per share beat the consensus estimate of $2.67.

Citigroup’s fixed-income, currency and commodities trading business generated $4.4 billion in revenue, exceeding the $4.3 billion analyst estimate cited by Bloomberg. The business delivered its strongest third-quarter performance in at least a decade.

Citigroup shares fell 1.1% to trade at $123.20 on Wednesday.

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

• RBC Capital analyst Gerard Cassidy maintained the stock with an Outperform rating and lowered the price target from $150 to $135.
• TD Cowen analyst R. Scott Siefers maintained the stock with a Buy and lowered the price target from $150 to $148.
• Evercore ISI Group analyst Glenn Schorr maintained the stock with an In-Line rating and cut the price target from $140 to $135.

Considering buying C stock? Here’s what analysts think:

Photo via Shutterstock