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Banking, finance, and taxes

Bove Still Bullish, A Double For Citigroup (GS, C)

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By Douglas A. McIntyre Updated Published
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Money ImageCalling for more and more gains after what we have seen in the troubled financial sector is a tough call on the surface.  Yet, that is what Rochdale’s Dick Bove is calling for, again.  He gave a quick CNBC interview today calling for more upside in some of the financial stocks.  Bove called Goldman Sachs Group Inc. (NYSE: GS) the best managed of the financial sector leaders.  But he also noted that Citigroup Inc. (NYSE: C) was the cheapest of the major financial stocks.

Citigroup is up more than 300% from its absolute lows when the market was pricing in the Armageddon scenario.  Yet Bove today said that he expects the price of Citigroup stock to triple in the next two to three years.

On Goldman Sachs, he said there is also no reason not to buy shares as the results are effectively even better than JPMorgan’s.  One catalyst Bove sees is the biggest explosion in mergers and acquisitions “that we’ve ever seen” and noted that Goldman Sachs would be a key participant and beneficiary of that trend.

This Citigroup call from Bove almost echoes what Deutsche Bank said in its “BUY” rating initiation.  Deutsche Bank gave only a $5.50 target, but the comments it offered the feeling that it left the possibility for much room above that.

JON C. OGG
OCTOBER 15, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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