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Citigroup Still Loved by KBW, Despite Downgrades

Getting back to Citigroup, Cannon expects the company's tangible book value per share to hit $65 during 2015, so if the shares trade up to tangible book value, you're looking at upside. 

Citigroup expects to deploy much more excess capital as Citi Holdings continues to shrink.  KBW estimates that following the next round of Federal Reserve stress tests in March, the company will announce plans to repurchase up to $7.686 billion in common shares through the first quarter of 2015.

Citi's shares were up over 1% in premarket trading to $51.68.

The following chart shows the year-to-date stock performance for Citigroup, as well as the KBW Bank Index (I:BKX) and the S&P 500 :


C Chart C data by YCharts



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-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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