Wednesday, May 26, 2010

"Why Oppenheimer Now Hearts Citi" (C)

All this Citi love is turning into a damn orgy.*
From MarketBeat:

Citi shares are flirting with the $4.00 mark, up a tidy 5% plus on Wednesday. The decision by Oppenheimer analysts to upgrade the stock to “outperform” from “perform” seems to have prompted the jump. This follow’s on the heels of Goldman’s own recent upgrade of Citi shares.

In some ways, Oppenheimer’s rationale for the upgrade is similar to Goldman’s, which spotlighted the improved outlook for consumer credit as the economy recovers. Oppenheimer writes:

In addition to being well positioned for a credit quality recovery, we believe that Citi’s substantial businesses in Asia and Latin America position it well for better than average growth in coming years, but our investment case is not dependent upon that....MORE

*Within the last five days:
"Citigroup, Bank of America Up Six Times by 2015 Says Dick Bove" (BAC; C)

Qatar wealth fund keen to buy U.S.'s Citigroup shares: report (C)

"Goldman Analysts Upgrade Citi to ‘Buy" (C; GS)

"Goldman Now Shorting Citi As It Upgrades Vikram's Insolvent Ward Of State To Buy, Puts Jefferies On Conviction Sell" (C; GS)

"Why Goldman Slapped ‘Buy’ on Citi" (C)

"Raymond James Starts Citi (C) at 'Strong Buy', Sets $5.50 Price Target" (C)