- The shares of Citigroup Inc (NYSE: C) have received a price target of $76 by Wolfe Research. These are the details.
The shares of Citigroup Inc (NYSE: C) have received a price target of $76 by Wolfe Research. And Wolfe Research analyst Steven Chubak downgraded Citi from “Outperform” to “Peer Perform.”
Chubak noted that Citigroup’s latest survey results suggested that over 50% of investors are now baking in higher short rates by 2023. And so Chubak rethought the valuation methodology in the context of the potential for a “rate shock.”
A number of bulls have argued that Citigroup shares are undervalued. But Chubak believes that Citigroup’s strategic overhaul is going to take time. And Chubak believes that Citigroup has lower rate sensitivity.
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