UPDATE: "Goldman Now Shorting Citi As It Upgrades Vikram's Insolvent Ward Of State To Buy, Puts Jefferies On Conviction Sell" (C; GS)"
In pre-market trade the stock is up 7 cents (1.87%) at $3.82.
Updated Analysts at Goldman Sachs on Monday upgraded Citigroup to a buy from neutral and set a $4.50 price target, as part of a sweep series of recommendation changes.
The report cited improving capital markets and consumer credit as reasons to buy into Citi stock, according to StreetInsider. That would jibe with the “perfect quarter” of trading that Citi attained earlier this year, as well as the rosier financial forecast that it and other banks reported for the first quarter.
The report was part of a broad look at the financial services industry, in which the Goldman analysts wrote that macro factors were likely to be the biggest determinant of performance at this point. Still, Citigroup was one of the beneficiaries of Goldman’s analysis.
Others, like Jefferies and AMB Property, were downgraded to the conviction sell list.
Shares in Citigroup closed on Friday at $3.75, up 3.3 percent. They have mostly traded below $4.50 during most of the past 12 months....MORE
"Raymond James Starts Citi (C) at 'Strong Buy', Sets $5.50 Price Target" (C)