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Wells Fargo Thinks Citigroup’s Stock is Going to Recover

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In a report released today, Mike Mayo from Wells Fargo maintained a Buy rating on Citigroup (CResearch Report), with a price target of $60.00. The company’s shares closed last Thursday at $45.99, close to its 52-week low of $45.26.

According to TipRanks.com, Mayo is a 5-star analyst with an average return of 9.6% and a 57.1% success rate. Mayo covers the Financial sector, focusing on stocks such as Bank of New York Mellon Corporation, JPMorgan Chase & Co., and Fifth Third Bancorp.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Citigroup with a $62.93 average price target, which is a 36.2% upside from current levels. In a report issued on June 27, RBC Capital also maintained a Buy rating on the stock with a $60.00 price target.

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Based on Citigroup’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $19.19 billion and net profit of $4.31 billion. In comparison, last year the company earned revenue of $19.68 billion and had a net profit of $7.94 billion.

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Founded in 1812, New York-based Citigroup, Inc. is a financial services holding company, which provides financial products and services. It operates through the following segments: Global Consumer Banking; Institutional Clients Group; and Corporate/Other.

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