BMO Capital downgraded Citi to Market Perform from Outperform with a $57 price target. Citi shares tend to underperform those of its money-center peers during periods of risk-off or negative sentiment among U.S. bank stock investors, which BMO forecasts will accompany the impending system-wide credit cycle from Q4 of 2023 to Q4 of 2025, the analyst tells investors in a research note. The firm now regards Citi’s 2026 return on tangible common equity target range of 11% to 12% as a stretch goal.
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