- The stock price of Citigroup Inc (NYSE: C) has received a price target increase from $77 to $84 by DA Davidson
The stock price of investment banking and financial services corporation Citigroup Inc (NYSE: C) has received a price target increase from $77 to $84 by DA Davidson. And DA Davidson analyst David Konrad is maintaining a “Buy” rating on the shares.
And Konrad noted that Citigroup’s Q4 results were better than expected. Even though the majority of the earnings beat was due to a reserve release, the core pre-provision net revenue was about 7% higher than his estimates.
Citigroup reported that its earnings for the 3 months in December were about $2.09 per share, up 59.5% on an adjusted basis compared to the same period last year. The group revenues fell 10.3% to $16.5 billion. Citigroup had released about $1.5 billion linked to the release of credit loan provisions.
“We ended a tumultuous year with a strong fourth quarter. As a sign of the strength and durability of our diversified franchise, our revenues were flat to 2019, despite the massive economic impact of COVID-19. For the year, we generated $11 billion in net income despite our credit reserves increasing by $10 billion as a result of the pandemic and the impact of CECL,” said Citi CEO Michael Corbat.
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