Citigroup Tops 3Q Profit; Oppenheimer Sees 129% Upside

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Citigroup Tops 3Q Profit; Oppenheimer Sees 129% UpsideCitigroup reported better-than-expected 3Q results on Tuesday as adjusted EPS of $1.40 surpassed analysts’ expectations of $0.91. The financial institution’s quarterly revenues of $17.3 billion beat the Street consensus of $17.2 billion. Despite stronger-than-expected 3Q performance, shares fell 4.8%.Citigroup’s (C) top and bottom-line results declined 41% and 7%, respectively, on a year-over-year basis. During the quarter, the company witnessed a 16% year-on-year growth in total deposits, while loans declined 4%.Following the quarterly results, Oppenheimer analyst Chris Kotowski reiterated a Buy rating with a price target of $100 (128.9% upside potential) on the stock. Kotowski pointed out that “The results were burdened with the recently announced $400M civil penalty in relation to the Revlon matter, and without this, we would put core operating EPS at $1.55.”He also said that the international consumer delinquencies data “illustrates that the portfolio is indeed composed primarily of upper income, resilient borrowers.” (See C stock analysis on TipRanks).Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 13 Buys, 2 Holds and 2 Sells. With shares down over 45%, the average price target of $66.18 implie 51.5% upside potential.Related News: J.P. Morgan Surprises With 3Q Profit Beat Fueled By Capital Markets Boom Axis Capital Expects 3Q Catastrophe Loss; Analyst Sticks To Sell BlackRock Gains 4% On 3Q Profit Beat; Street Says Buy More recent articles from Smarter Analyst: * Airbus Wins $576M Spacecraft Contract For Mars Exploration * J&J; Offers Up To $5B In US Opioid Addiction Settlement * Bed Bath & Beyond To Sell $250M Non-Core Assets, Shares up 5% * Alaska Air Sees 40% Q4 Capacity Cut; Analyst Upgrades On Ample Liquidity


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