Diamond Member Pelican Press 0 Posted March 14, 2024 Diamond Member Share Posted March 14, 2024 Goldman says it’s finally time to buy this major bank turnaround story Goldman Sachs has a buy rating on Citigroup for the first time since 2022, as the investment bank implements a turnaround strategy that should boost shareholder returns. Goldman has raised its stock price target for Citi to $68, implying nearly 18% upside from Wednesday’s close price of $57.76. “Citi can grow revenue and deliver on expense reductions simultaneously, and there is significant capacity for C to either buy back stock or expand its balance sheet,” Goldman’s team of analysts led by Richard Ramsden told clients in a note Thursday. C 1Y mountain Citigroup shares over the past year. Goldman sees a realistic path for Citigroup to deliver a return on common shareholder equity of 9.5% in 2026, as the bank aims to slash its costs by up to $2.5 billion by reducing head count and exiting from its remaining noncore international consumer franchise, among other measures. Goldman expects Citigroup’s revenue to grow at an accelerated compound annual rate of 4% to reach $85.7 billion by 2026. Citigroup is also expected to increase share buybacks by $1 billion in 2024 and $4 billion in 2025. The bank may have capacity for even more buybacks if Basel 3 rules are changed, it said. — CNBC’s Michael Bloom contributed to this report. This is the hidden content, please Sign In or Sign Up Breaking News: Investing,Markets,Breaking News: Markets,Energy,Investment strategy,Citigroup Inc,Goldman Sachs Group Inc,business news #Goldman #finally #time #buy #major #bank #turnaround #story This is the hidden content, please Sign In or Sign Up 0 Quote Link to comment https://hopzone.eu/forums/topic/2948-goldman-says-it%E2%80%99s-finally-time-to-buy-this-major-bank-turnaround-story/ Share on other sites More sharing options...
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