Citigroup: shares stand out after broker upgrade.
(CercleFinance.com) - Citigroup shares are up over 2% on Friday after UBS upgraded the US bank from "sell" to "neutral," while increasing its target price from 58 dollars to 64 dollars per share.
In a research note, the broker says its negative view on the stock to date, has been based on scenarios of downside potential, driven by protectionism and geopolitical risk in the US.
The reality of the situation has prompted the professional to change his mind.
"Global growth looks resilient, starkly protectionist policies have not emerged, and, importantly, the path forward for structural reforms in the US is not as clear," UBS explains.
The broker still says that it needs to have greater confidence that Citigroup can generate stronger returns before upgrading the stock to "buy".
Citigroup shares are currently up 2.3% on the NYSE at 64.7 dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
In a research note, the broker says its negative view on the stock to date, has been based on scenarios of downside potential, driven by protectionism and geopolitical risk in the US.
The reality of the situation has prompted the professional to change his mind.
"Global growth looks resilient, starkly protectionist policies have not emerged, and, importantly, the path forward for structural reforms in the US is not as clear," UBS explains.
The broker still says that it needs to have greater confidence that Citigroup can generate stronger returns before upgrading the stock to "buy".
Citigroup shares are currently up 2.3% on the NYSE at 64.7 dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.