Citigroup, inc. (NYSE: C) is back under focus by an old bull in the stock. Dick Bove of Rochdale Securities has started coverage of the troubled bank with a BUY rating and a $4.00 price target. That $4.00 may only be just over 25% higher than the $3.13 price. But this is also something that he implies could ultimately give the bank a share price of $12.00 per share.
Bove has been more on the bullish side here on many of these banks. He feels this bank is actually too important to its institutional customers for the company to just disappear or go away entirely.
As a reminder, today is options expiration date and options have been active even with this being under $5.00 per share. Citi’s 52-week trading range is $0.97 to $23.50 and this stock has already briefly hit that $4.00 level on a few days since the markets recovered from the panic selling days of February and March.
We have shares trading up 5% at $3.30 in active pre-market trading.
Jon C. Ogg
June 19, 2009
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