Goldman Sachs Comments on Citi (C) Q1 Results

Goldman Sachs maintained a Neutral rating on Citi (NYSE: C) with a price target of $54. Analyst Richard Ramsden commented on Citi's Q1 performance.

"C reported 1Q14 EPS of $1.23 vs. our estimate of $1.17, with core EPS of $1.54 vs. our like estimate of $1.36 (beat mainly on fee income in the Institutional Securities Group). We think investors will like today’s results (especially given how out of favor Citi was after failing CCAR) as: 1) capital market revenue beat guidance (seemingly on a better March in rates and currencies), 2) Citi’s core efficiency ratio improved 100bp yoy, 3) a 89bp ROA implies that Citi’s 90-110bp 2015 target is still in play if results continue to improve (even if its 10%+ ROTCE target is off the table post CCAR)," said Ramsden.

"Assuming expenses stay in check (both legal and core), 1Q’s earnings run-rate implies an achievable path to 2014 consensus of $4.75 which should provide support for shares," he added.

For an analyst ratings summary and ratings history on Citi click here. For more ratings news on Citi click here.

Shares of Citi closed at $45.68 yesterday.

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