American Express, Citi Defended
Updated from 8:26 a.m. EST
Two beaten-down financial services giants were supported in Wall Street research Wednesday.
Citigroup
(C) - Get Citigroup Inc. Report
, which has seen its stock crushed this year because of ongoing regulatory scrutiny and now trades at $36.44, could be worth $50 a share, according to UBS Warburg. The brokerage said an analysis of the company's individual components -- one that excludes the headline risk -- results in a current fair value of about $44 and a 12-month target of $50.
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Elsewhere, Prudential reportedly raised its price target on
American Express
(AXP) - Get American Express Company Report
to $45 a share following a meeting with the company's chief financial officer. The shares currently trade at $37.26.
Prudential reiterated its buy rating and said: "We now expect AXP to earn $2.30 a share in fiscal 2003, as operating trends are moving in the right direction."
