Citigroup (C) Stock Up, Barclays Raises Estimates
NEW YORK (TheStreet) -- Shares of Citigroup (C) - Get Report are up 0.70% to $44.63 in late-morning trading, as the company's fiscal 2016 earnings estimates were raised to $4.75 from $4.65 at Barclays earlier today.
Additionally, the firm maintained a $60 price target and "overweight" rating on the stock.
The increase to estimates comes as Citigroup reported a second-quarter earnings and revenue beat before Friday's market open, according to the analyst note.
"EPS exceeded expectations after [Citigroup] lowered guidance," the firm said.
Positive trends reported in the financial results included "improved" profitability metrics, "a continued reduction in Citi Holding assets (-10%) while remaining profitable," and 2% growth in tangible book value, Barclays wrote.
"We continue to believe C should trade above its current 0.7x tangible book," the firm noted.
Citigroup is a New York-based multinational investment banking and financial services corporation.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate CITIGROUP INC as a Hold with a ratings score of C+. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: C
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