- Citigroup (C +0.6%) may take a $2B-plus hit to book value thanks to the greenback's strength, says Deutsche Bank, though income and capital will not be materially affected.
- The team notes the strong dollar hit Citi's book value by $3.8B in 2014, with half of that impact coming in Q4. Net income suffered just $400M.
- Deutsche, nevertheless, reiterates its Buy rating and $56 price target.