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Downgrades
* Vertical Group analyst Dick Bove downgraded Citigroup Inc.'s stock rating after the company's earnings report.
The company's "cavalier attitude toward its capital," as seen in its dividend payout plans and the decline in its Tier 1 common equity, is problematic. Considering Citi "was effectively bankrupt twice in the last 30 years," Bove wrote, "it might be prudent to hold on to funds through a downturn before giving them away."
The analyst lowered Citi's rating to "hold" from "buy" and assigned it a price target of $81.87 per share. On the other hand, he increased EPS estimates -- to $6.35 from $5.98 for 2018, to $6.99 from $6.61 for 2019, and to $7.63 from $7.25 for...