On more than one occasion 24/7 Wall St. has said Citigroup’s (NYSE: C) shares could go as low as $15. Now Oppenheimer is saying it agrees.
Bloomberg writes "Citigroup may post its second-straight quarterly loss because of writedowns on home-equity loans and junk-grade corporate loans, Oppenheimer & Co.’s Meredith Whitney said."
The analyst says Citi may lose $1.6 billion in the current quarter and she is cutting here per share earnings estimate for the year 70% to $.75. She adds that the stock could fall to $16.
Douglas A. McIntyre
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