KBW defends Citi after downgrades


Citigroup (C +0.9%) remains "a compelling investment on both an absolute and relative basis," says KBW's Fred Cannon, defending the name after it was dropped from Goldman's Conviction Buy list earlier this week, and Deutsche cut it to a Buy.

Cannon notes Citi is the only big-cap U.S. bank still trading below tangible book value, yet it has one of the strongest capital positions. He expects book to hit $65 during 2015, so if the stock can trade up to book, it's nice upside from today's $51.48.

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Comments (4)
  • Mark Kusnir
    , contributor
    Comments (267) | Send Message
     
    I agree with Cannon. Long C.
    6 Dec 2013, 12:52 PM Reply Like
  • Red Lion
    , contributor
    Comments (10) | Send Message
     
    I am long C too.
    8 Dec 2013, 09:48 AM Reply Like
  • surfcove
    , contributor
    Comments (372) | Send Message
     
    I hope so. I've had them for several years. About time. (wink)
    7 Dec 2013, 09:44 AM Reply Like
  • rufusthrat
    , contributor
    Comments (172) | Send Message
     
    C would have had a lot more upside if not for the reverse split which killed a lot of the stock value. It is far easiet for the stock to go from $5 to $10 or $15 then from $50 o $100 or $150, look a BAC
    8 Dec 2013, 03:29 PM Reply Like
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