Citi price target lowered to $102 from $110 at Oppenheimer

Oppenheimer lowered the firm’s price target on Citi to $102 from $110 and keeps an Outperform rating on the shares. For banks, the trend lines in 2025 “seem well established,” and Oppenheimer made only minor tweaks to its earnings models and estimates, the analyst tells investors in a research note. As such, the firm explored what banks will look like in 2028. The companies will likely manage themselves to grow as fast as they possibly can, subject to managing a low-to-mid-teens return on tangible common equity, contends the firm. It is “generally skeptical” of the idea that the banks will face a significantly “lighter touch” when it comes to regulatory and capital requirements. Opco finds the group “reasonably valued,” but says opportunities remain. Its favorite name is Citi (C), followed by Goldman Sachs (GS) and Jefferies (JEF), followed by Bank of America (BAC) and US Bancorp (USB).