Citi price target lowered to $47 from $51 at RBC Capital

RBC Capital lowered the firm’s price target on Citi to $47 from $51 and keeps an Outperform rating on the shares. The firm is reducing its 2023 and 2024 EPS estimates to $5.41 and $5.77 from $6.00 and $6.55, respectively, based upon updated guidance from the company at a recent investor conference and RBC’s own outlook for the company, the analyst tells investors in a research note. RBC adds that Citi’s peers will likely also see lower earnings and valuations due to the lower profitability attributed to the proposed Basel III End Game regulations.