RBC Capital lowered the firm’s price target on Citi to $51 from $55 and keeps an Outperform rating on the shares. The analyst states that the "excessive" tightening by the Federal Reserve, resulting in a "deep recession" in 2023, poses a key risk for the bank as it would bring on elevated levels of credit losses and depress earnings.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on C:
- JPMorgan, Citi, BofA tell staff to avoid clients of stressed banks, Reuters says
- Citibank raised its base lending rate to 8% from 7.75%
- Citi put buyer realizes 33% same-day gains
- JPM, C, or WFC: Which Bank Stock Does Wall Street Favor?
- Big-bank CEOs discussing capital infusion for First Republic, WSJ says