TFC - Citigroup Is Beating The Market This Year: Will The Winning Streak Continue After Earnings?
2024-04-09 17:57:53 ET
Summary
- Citigroup stock is up substantially after high-profile analyst calls earlier this year.
- However, analysts have been revising earnings estimates for Citigroup downward, making this week's earnings report a key test for the stock.
- Citi has plenty of upside if it can execute on its cost-cutting campaign, but may have run too far.
- Citi's trust preferred stock is interesting as well, offering a roughly 10% yield.
In early January, I covered Citigroup ( C ) and some of the notable bullish analyst calls on the stock for 2024. In particular, banking analyst Mike Mayo made a high-profile call on Citigroup stock with a $70 price target for 2024. Mayo doubled down in March, raising his price target to $80 for the year. So far this year, bullish banking analysts have been proven right. Citi stock has risen from the low $50s to more than $61 per share. The market overall is up substantially this year, but C's return has outpaced the S&P 500. With Citi set to report earnings on Friday, investors will get another update on the bank's ongoing streamlining and cost-cutting efforts. There are reasons to be optimistic, but also reasons to be skeptical....
Citigroup Is Beating The Market This Year: Will The Winning Streak Continue After Earnings?