Citigroup Inc (NYSE:C) reported better-than-expected earnings for the first quarter on Tuesday.
The company posted quarterly earnings of $3.06 per share which beat the analyst consensus estimate of $2.63 per share. The company reported quarterly sales of $24.633 billion which beat the analyst consensus estimate of $23.526 billion.
CEO Jane Fraser said Citi has entered the final phase of its divestitures, with most transformation programs nearing targets. The bank repurchased $6.3 billion in shares during the quarter and remains on track to meet its 10% to 11% return on tangible common equity goal for the year.
Citigroup reaffirmed its 2026 outlook, expecting net interest income excluding markets to rise 5% to 6%. It also raised its forecast for branded cards net credit losses to a range of 4.0% to 4.5%.
Citigroup shares gained 1.3% to trade at $131.29 on Wednesday.
These analysts made changes to their price targets on Citigroup following earnings announcement.
- Truist Securities analyst John McDonald maintained Citigroup with a Buy and raised the price target from $133 to $139.
- Barclays analyst Jason Goldberg maintained the stock with an Overweight rating and raised the price target from $146 to $154.
- Wells Fargo analyst Mike Mayo maintained Citigroup with an Overweight rating and raised the price target from $150 to $160.
- Evercore ISI Group analyst Glenn Schorr maintained the stock with an In-Line rating and boosted the price target from $115 to $139.
- Oppenheimer analyst Chris Kotowski maintained Citigroup with an Outperform rating and raised the price target from $132 to $144.
- Keefe, Bruyette & Woods analyst David Konrad maintained the stock with an Outperform rating and boosted the price target from $131 to $140.
Considering buying C stock? Here’s what analysts think:
Photo via Shutterstock
Comments