Banking, finance, and taxes
BofA Sees Big Upside in Citigroup (C, BAC)
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Citigroup, Inc. (NYSE: C) is trading higher this morning on an analyst upgrade. This would probably be a much more important call had financials not run so much. Bank of America Merrill Lynch raised its rating to BUY from Underperform this morning. The old $2.50 target has now been raised up to $5.75.
Again, it is hard to wonder if Bank of America Corp. (NYSE: BAC) is really the one being upgraded as is often the case when brokerage firm and bank analysts upgrade competitors. The reasons cited were stabilization of some credit quality and the removal of the supply overhang of all the new stock. BofA believes that the core value gives limited downside and believes that the investor psychology is no longer anti-Citi at all costs like it has been for a year or more.
BofA also noted that the book value could approach $7.00 out after 2010. Citi’s shares are indicated up 2.9% at $4.18 on active volume ahead of the open.
Jon C. Ogg
August 14, 2009
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