Credit Agricole's Mike Mayo Maintains UNDERPERFORM Rating on Citigroup, Raises Price Target (C)UPDATE: "Followup: "Citi says CEO, CFO "rebutted" Mayo's criticisms in meeting" and No One Mentioned Treasury's Warrents (C)"
Original post:
After hours the stock is up another half-percent.
From DealBook:
Spotted in Midtown Manhattan: Michael Mayo wearing a conservative tie and a blue suit.For the fashion conscious the Wall Street Journal's Heard on the Runway blog is covering Paris Fashion Week.
The Crédit Agricole Securities analyst met with Citigroup’s chief executive, Vikram S. Pandit, and its chief financial officer, John C. Gerspach, on Friday afternoon. He was tight-lipped on his way in to the sit-down, saying he could not talk about it until he published his Monday report on the powwow.
“I am wearing my special blue tie with the silver stripes, but can’t say much more until Monday,” he joked on his way over. A Citigroup spokeswoman declined to comment on Mr. Pandit’s attire.
It is not common for Wall Street executives to meet with stock analysts. But Mr. Mayo said that senior Citigroup officers had declined his requests for a meeting for almost two years. He had a long list of criticisms of Citigroup he planned to air at today’s meeting. In a recent report titled “A Matter of Trust,” he said that meeting the firm’s financial targets “can encourage short-term excesses over long-term prudence” and he criticized the bank for what he calls aggressive accounting tactics....MORE
After the above, when I saw this headline at CNBC "Mike Mayo Preps For Citi Meeting" I pictured MM shopping at Bespoke or Beyond Bespoke.
Yesterday American Banking & Market News had the headline "Citigroup, Inc (NYSE: C) Isn’t Investing Enough in Infrastructure, Mayo Says" while Barron's Tiernan Ray went with "Citi: Not Spending Enough on Paper Clips, Etc., Says CLSA".
