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C

Citi

$48.26

1.225 (2.60%)

11:52
10/04/16
10/04
11:52
10/04/16
11:52

Citi to invest over $1B in Banco Nacional de Mexico

Citi announced that it will invest more than $1B in its Mexican business, historically known as Banco Nacional de Mexico or Banamex. The investments, which will be completed by 2020, will support the bank's commitment to deliver exceptional customer experiences and to provide expanded offerings to clients. As part of the investment program and as a further sign of Citi's commitment to Mexico, Banamex will be known as Citibanamex going forward. This initiative is in addition to the more than $1.5B Citi committed to invest in Mexico in September 2014. "Citibanamex has and always will be the Banco Nacional de Mexico," said Michael Corbat, CEO of Citigroup. "These investments in Citibanamex reaffirm our commitment to Mexico and our confidence in its prospects. Our goal is nothing less than to create a state-of-the-art bank in Mexico, fully focused on delivering a richer, smarter, more intuitive experience to everyone who does business with us." Citibanamex will increase its focus on cloud-based solutions; optimize its payments infrastructure; and improve process automation to make interactions between customers and the bank more intuitive and efficient, with enhanced quality and security standards. Citibanamex will invest in its branch network and create digital branches that offer high-level, personalized advice and smart banking technology. The vast majority of the first 100 digital branches will be launched in Mexico City, Guadalajara and Monterrey. Citibanamex will add 2,500 new ATMs to its network across the country. 1,500 of these new ATMs will be capable of performing an expanded set of services, including check deposits and payments.

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C Citi
$48.26

1.225 (2.60%)

09/13/16
SOCG
09/13/16
DOWNGRADE
SOCG
Sell
Citi downgraded to Sell from Hold at Societe Generale
09/13/16
SOCG
09/13/16
DOWNGRADE
Target $42
SOCG
Sell
Societe Generale cuts Citi to Sell, Bank of America to Hold
Societe Generale downgraded Citi (C) to Sell from Hold and Bank of America (BAC) to Hold from Buy. The firm has a $42 price target for shares of Citi and attributes an increased negative stance on Cards for the downgrade. Societe Generale has a $17 price target for Bank of America and cites revenue growth for the downgrade to Hold. Citi is trading down 86c to $46.93 and Bank of America is trading down 19c to $15.71.
09/16/16
GSCO
09/16/16
DOWNGRADE
GSCO
Neutral
Citi downgraded to Neutral from Buy at Goldman
Goldman analyst Richard Ramsden downgraded Citi to Neutral and lowered his price target on the shares to $50 from $52. The analyst said Citi's expected earnings inflection has failed to materialize and ROEs are at 7.7%, well below management's 10% target. Ramsden's analysis suggests growth in higher return businesses, such as credit cards and wealth management, and expense discipline will not be enough to increase ROE all the way to its 10% target. Citi remains a capital returns story, constrained by the utilization of deferred tax assets, the analyst wrote in his report.
09/16/16
09/16/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. 21st Century Fox (FOX, FOXA) downgraded to Market Perform from Outperform at Bernstein with analyst Jason Park citing a reduction in his estimates for the company's Star India business. 2. Wells Fargo (WFC) downgraded to Underweight from Neutral at Atlantic Equities. 3. Citi (C) downgraded to Neutral from Buy at Goldman with analyst Richard Ramsden saying Citi's expected earnings inflection has failed to materialize and ROEs are at 7.7%, well below management's 10% target. 4. McCormick (MKC) downgraded to Market Perform from Outperform at Bernstein with analyst Alexia Howard citing valuation. 5. Novavax (NVAX) downgraded to Neutral from Overweight at Piper Jaffray, to Neutral from Overweight at JPMorgan, to Neutral from Buy at Ladenburg, to Neutral from Outperform at Wedbush, and to Neutral from Buy at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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SRPT

Sarepta

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BSAC

Santander Chile

$23.59

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BA

Boeing

$183.22

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SWN

Southwestern Energy

$7.67

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CRMD

CorMedix

$1.04

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FET

Forum Energy

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SJR

Shaw Communications

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