Citigroup: Berenberg still a buyer, raises target price
(CercleFinance.com) - Berenberg has reinstated its "buy" rating on the Citigroup stock, having raised its target price from 50 dollars to 65 dollars, in a report about major US banks following the publication of Q2 results.
"US banks' Q2 2020 investment banking (IB) revenues were exceptionally strong," the broker says, underlining a 67% y-o-y increase in IB revenues of the five largest US banks.
"Moreover, IB revenues of these banks were higher than in any quarter since at least 2008 and exceeded the prior peak by 15%," the broker adds, which, amongst other sector players, maintains its "hold" rating on Bank of America, Goldman Sachs and Morgan Stanley, with a "sell" rating on JP Morgan Chase.
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