UBS analyst Erika Najarian lowered the firm’s price target on Citi to $64 from $66 and keeps a Neutral rating on the shares. The company reported a “solid” Q1 with fee-driven revenue beating estimates and lower expenses keeping the bank on track to maintain its FY24 outlook for revenue and expenses, the analyst tells investors in a research note. UBS adds however that its EPS estimates for Citi move down by 1% and 3% in 2024 and 2025 to $5.50 and $7.00 respectively due to higher credit costs in the company’s card business.
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