Citi (C) PT Raised to $72 at Argus

Argus analyst Stephen Biggar raised the price target on Citi (NYSE: C) to $72.00 (from $70.00) while maintaining a Buy rating.

The analyst comments "• Raising target to $72 following 2Q results • On July 12, Citigroup reported adjusted 2Q24 earnings from continuing operations of $1.57 per share, up from $1.33 a year earlier and above the consensus of $1.39. • Management reiterated guidance calling for 2024 revenues of $80 billion to $81 billion, which would be a 4% improvement over 2023, while expense guidance was maintained at $53.5 billion to $53.8 billion, down from an adjusted $54.3 billion in 2023, aided by the headcount reductions, exit of international businesses, and other efficiencies. • Shareholder returns received a boost following the Federal Reserves June stress test results with a 6% rise in the quarterly dividend. • We are raising our target price to $72 (raised from $70), implying a multiple of 12.5-times our 2024 EPS estimate, closer to peer levels as we believe Citis restructuring is beginning to achieve desired results."

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