** Citigroup's first-quarter profit fell 27% as the bank took charges related to its reorganization, although it beat expectations as revenue grew in key divisions
** The median PT of 25 brokerages is $65.5
FIRM-FOOTING FOR THE REST OF THE YEAR
** Piper Sandler ("overweight," PT: $70) says revenue improvement will not be easy but a stronger-than-expected Q1 puts co on a firmer footing than earlier
** RBC Capital Markets ("outperform," PT: $63) says co's restructuring remains on track as it tries to reach its medium-term goal of 11-12% return on tangible common equity
** Evercore ISI ("in line," PT: $60) says co has made progress on the expense side and is on the path to hit its revenue targets and medium-term return targets
** Morningstar (fair value: $68) says this year is likely to be a transition year for the bank
** Adds that co's continued exit from international consumer businesses and separation of Mexico business should result in "significant" expense savings
(Reporting by Priyadarshini Basu in Bengaluru)
((priyadarshini.basu@thomsonreuters.com))
Comments