Sterne Agee Lowers Estimates on Citigroup (C)
Sterne Agee reported that they have lowered their estimates for financial services company, Citigroup Inc.(C) on Tuesday.
The firm, which currently has a “Buy” rating on Citigroup, has lowered the company’s price target to $48. This price target suggests a 13% upside to the stock’s current price of $41.66.
Analysts have reduced their estimates based on the company’s outlook on mortgage based expenses.
Citigroup shares were mostly flat during premarket trading Tuesday. The stock has increased 40% in the past year.
The Bottom Line
Shares of Citigroup (C) have a .10% dividend yield, based on Friday’s closing stock price of $41.66. The stock has technical support in the $36-$38 price area. If the shares can firm up, we see overhead resistance around the $44-$45 price levels.
Citigroup Inc.(C) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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