So far in 2010, Citigroup shares are still up 12% but they were up more than 50% in 2010 at one point.
Ackman gained fame for profiting handsomely from shorting bond insurer MBIA (MBI) and for taking a big equity stake in shopping mall owner General Growth Properties (GGP) for pennies on the dollar after it had filed for bankruptcy protection. The shares are now worth more than $13.
Ackman's positive stance is in line with recent bullish comments from Rochdale Securities analyst Richard Bove, who characterized the stock as "seriously undervalued" earlier this month, and Oppenheimer analysts who boosted their rating on the shares to outperform on May 26.
-- Written by Dan Freed in New York.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV