Citigroup Inc. (C) is gearing up to release its third-quarter earnings report before the market opens on Tuesday, October 15th. Wall Street analysts are expecting the New York-based financial giant to report earnings of $1.31 per share, a dip from the $1.63 per share earned during the same period last year. Revenue projections are also down slightly, with analysts expecting $19.84 billion for the quarter, compared to $20.14 billion in the year-ago period, according to data from Benzinga Pro.
Despite the anticipated earnings decline, recent developments could point to a brighter future for Citigroup. On October 10th, the company announced a collaboration with Mastercard to offer cross-border payments to Mastercard debit cards in 14 international markets. This strategic partnership could drive growth and expand Citi’s global reach.
Citigroup’s stock performance reflects some market optimism. The shares closed at $65.74 on Friday, up 3.6% for the day. Investors are clearly watching the earnings release closely, hoping for signs of positive momentum.
To gauge the sentiment among analysts, Benzinga has compiled a summary of recent ratings and price targets for Citigroup:
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Oppenheimer analyst Chris Kotowski
maintained an Outperform rating and boosted the price target from $87 to $92 on October 2nd. This analyst has an accuracy rate of 85%.*
Goldman Sachs analyst Richard Ramsden
maintained a Buy rating and cut the price target from $75 to $71 on September 11th. This analyst has an accuracy rate of 67%.*
BMO Capital analyst James Fotheringham
maintained a Market Perform rating and boosted the price target from $65 to $67 on July 15th. This analyst has an accuracy rate of 74%.*
Argus Research analyst Stephen Biggar
maintained a Buy rating and raised the price target from $70 to $72 on July 15th. This analyst has an accuracy rate of 72%.*
Piper Sandler analyst Scott Siefers
reiterated an Overweight rating and boosted the price target from $70 to $73 on July 15th. This analyst has an accuracy rate of 70%.The range of price targets from analysts suggests a degree of optimism, with some analysts believing the stock could see significant upside potential. However, it’s crucial for investors to conduct their own research and consider various factors before making any investment decisions.
Citigroup’s third-quarter earnings release promises to be a pivotal event for the company. Investors and analysts will be closely scrutinizing the results to gauge the company’s financial health and growth prospects. Whether this upcoming report will fuel further optimism remains to be seen, but the potential for positive momentum is definitely present.