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Sterne Agee Lowers Estimates on Citigroup (C)

By
January 22nd, 2013

Sterne Agee Lowers Estimates on Citigroup (C)

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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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.