Citigroup (C)
Citigroup received a mix of supportive ratings and price targets today. Evercore affirmed their $135 target, while and UBS Securities assigned their target aa $148 per share. Keefe, Bruyette & Woods reiterated their Outperform rating, and RBC Capital cut its target to $135 from $150 while retaining Outperform. TD Cowen reduced its target to $148 from $150 while retaining its Buy rating.
The bank reported third-quarter revenue of $23.8 billion, up 8% year over year, and net income of $5.2 billion. Growth in Services supports the positive ratings, but credit costs remain a forecast risk: Citigroup recorded a $2.6 billion provision for credit losses, including a reserve build partly tied to changes in its macroeconomic outlook. The key question is whether revenue growth continues to translate into stronger returns while expenses and credit losses stay contained
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