Diamond Member Pelican Press 0 Posted March 25 Diamond Member Share Posted March 25 Top bank analyst Mike Mayo sees Citigroup rallying more than 30% Citigroup will likely complete its organizational streamlining efforts this week — which marks a major milestone for the banking giant, according to Wells Fargo’s Mike Mayo. The banking giant’s corporate overhaul includes several waves of layoffs and restructuring of management layers. The moves are part of a monthslong effort by CEO Jane Fraser to improve the bank’s performance, which has lagged behind other major banking peers. In light of these structural changes, Mayo raised his price target on Citigroup shares to $80 from $70 on Sunday, suggesting shares could rally 31.5% from Friday’s close. Mayo thinks that the bank’s simpler structure should provide more confidence that it can meet its targets down the line. “Investors take note — this meets a major Citi milestone,” Mayo wrote in his note. “To us, the moves enhance an unprecedented Citi [line of business] emphasis away from its legacy matrix, which should aid transparency, accountability, and agility.” To be sure, Mayo noted that he doesn’t see any obvious upside catalysts in the near-term “short of a soft landing economy.” However, he thinks earnings can accelerate in the long term if the restructuring efforts prove successful. Year to date, Citigroup shares are up 18.5%. The stock is up more than 40% over the last 12 months. This is the hidden content, please Sign In or Sign Up Breaking News: Investing,Wall Street,Business,Markets,Stock markets,Mike Mayo,Citigroup Inc,business news #Top #bank #analyst #Mike #Mayo #sees #Citigroup #rallying This is the hidden content, please Sign In or Sign Up Link to comment https://hopzone.eu/forums/topic/7214-top-bank-analyst-mike-mayo-sees-citigroup-rallying-more-than-30/ Share on other sites More sharing options...
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