Top Analyst Reveals Why Citigroup is a Top Bank Stock Ahead of Earnings
Citigroup (NYSE: C ) stock has eased 5% from its highest point this year as investors position themselves ahead of its upcoming earnings release. The shares are still up 18% year to date and 64% over the past 12 months, with Josh Brown expecting the strong performance to continue. Josh Brown Expects Citigroup Stock to Jump In a statement last week, Josh Brown, the CEO of Ritholtz Wealth Management, said that Citigroup was one of the best stocks in the market this year. He cited that the company had spent 15 years engineering a turnaround and is starting to bear fruit. He also cited to its strong international service business, which he believes is a crown jewel in its franchise. Citi has also sold some of its least profitable businesses and shed thousands of workers in the past few years. Read Also: Nvidia Stock is Finally Soaring, and Rare Chart Pattern Points to More Upside Other an...
Citigroup (NYSE: C ) stock has eased 5% from its highest point this year as investors position themselves ahead of its upcoming earnings release.
The shares are still up 18% year to date and 64% over the past 12 months, with Josh Brown expecting the strong performance to continue.
Josh Brown Expects Citigroup Stock to Jump In a statement last week, Josh Brown, the CEO of Ritholtz Wealth Management, said that Citigroup was one of the best stocks in the market this year.
He cited that the company had spent 15 years engineering a turnaround and is starting to bear fruit.
He also cited to its strong international service business, which he believes is a crown jewel in its franchise.
Citi has also sold some of its least profitable businesses and shed thousands of workers in the past few years.
Read Also: Nvidia Stock is Finally Soaring, and Rare Chart Pattern Points to More Upside Other analysts are highly bullish on its business.
Bank of America’s Ebrahim Poonawala boosted his target on Citi from $170 to $176.
A top UBS analyst hiked his target from $134 to $150, while Morgan Stanley’s Betsy Graseck boosted the target to $164.
The most recent results showed that Citi’s revenue growth continued in the first quarter.
It made $24.6 billion, with its net income hitting $5.8 billion.
All its businesses did well, with its service rising by 17% YoY to $6.5 billion, and its markets segment rising by 19% to $7.2 billion.
Its banking segment’s revenue rose by 15% $1.8 billion, while its private banking group rose to $3.1 billion. data shows that the consensus estimate among analysts is that its revenue will come in at $23.6 billion, up by 9.35% YoY.
For the year, the revenue is expected to jump by 10.5% to $94.5 billion.
Citi Stock Points to More Gains C stock chart | Source: TradingView The daily chart shows that Citigroup’s stock has done well in the past few months and is trading at $140.
It has remained above the 50-day Exponential Moving Average (EMA).
The stock has formed a bullish flag pattern, which is made up of a vertical line and a descending channel.
It is now in the descending channel, suggesting that it will rebound after earnings.
A drop below the 50-day EMA level of $134 will invalidate the bullish view.
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