Financial Times report on Citi backward looking, says Wells Fargo

Wells Fargo views the Financial Times’ reporting Friday on Citi’s (C) near-miss money transfers as backward looking with no impact to the company’s forward expenses, regulation, or strategy. The reporting is a remind about Citi’s “worst-in-class status,” the analyst tells investors in a research note. Wells says the issue shows that the problems that led to the Citi’s October 2020 consent order still have a long way to go to get fixed. The firm, however, is a buyer of the stock on any weakness and keeps an Overweight rating on Citi with a $110 price target