KBW analyst Fred Cannon late on Tuesday reiterated his "outperform" rating for Citigroup with a price target of $55.00, saying in a note that "this transaction would be $0.05/share accretive to our 2014 EPS estimate of $5.25, all else equal.
"We view this as a positive for C since it shows the company is investing in the North America cards business which is likely one of the highest returning businesses for the company," Cannon wrote. The analyst also said that "this deal should also help the company begin the process of slowly reversing the declining market share that the company had faced over the last several years."
-- Written by Philip van Doorn in Jupiter, Fla.
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