Wells Fargo analyst Mike Mayo maintained a Buy rating on Citigroup (C – Research Report) on February 28 and set a price target of $110.00.
Mike Mayo has given his Buy rating due to a combination of factors that highlight Citigroup’s progress and potential. Despite recent reports of near-miss money transfers, Mayo views these incidents as historical and unlikely to affect future expenses, regulations, or strategic direction. He acknowledges that while Citi’s systems require upgrades, the bank has already increased its spending to address these issues, and no funds were lost during the incidents, indicating effective controls.
Furthermore, Mayo emphasizes Citi’s efforts to simplify its operations, including divestitures and management restructuring, which have made the bank less complex. He also notes that Citi has met or exceeded its financial targets for 2024 and projects a positive outlook with declining expenses and increasing revenues in the coming years. Mayo believes that Citi’s significant de-risking over the past decade, along with its strong capital and liquidity positions, support his optimistic view of the bank’s future performance.
In another report released on February 24, Barclays also maintained a Buy rating on the stock with a $95.00 price target.
Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of C in relation to earlier this year.