Citi price target lowered to $91 from $92 at Oppenheimer

Oppenheimer lowered the firm’s price target on Citi to $91 from $92 and keeps an Outperform rating on the shares. The firm notes Citi’s Q3 EPS of $1.51 cleanly beat its $1.43 and consensus $1.31 but the shares ended the day down 5.1% when the S&P 500 was down just 0.7% and the BKX up 0.3%. The biggest areas of concern in Citi’s Q&A period seemed to relate to credit card losses skating at the upper end of the guided range, concern that Citi was perhaps under some kind of stealth asset cap, whether the Banamex IPO would get out of the door in 2025, and the path to the 2026 expense guidance of $51-$53B from this year’s $53.8B.