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ITUB

Itau Unibanco

$11.83

0.13 (1.11%)

, C

Citi

$49.28

0.21 (0.43%)

15:40
10/09/16
10/09
15:40
10/09/16
15:40

Itau Unibanco confirms purchase of Citi retail operations in Brazil

Itau Unibanco confirmed it has entered into an equity interest purchase agreement with Citibank (C) for the acquisition of the retail business carried out by Citibank in Brazil, including loans, deposits, credit cards, branches, asset management and insurance brokerage, as well as of the equity investments held by Citibank in Tecnologia Bancaria and in Companhia Brasileira de Securitizacao for R$710M. "This transaction will involve the corporate restructuring of some companies of the Citibank group, so that the retail business in Brazil is spun off and transferred to the companies that will be subject to the acquisition," the company noted. With the acquisition, Itau Unibanco's assets will reach R$1,404B. The impact on Itau Unibanco's core capital resulting from the transaction is estimated at approximately 40 basis points. "This transaction is not expected to have any significant impact on this fiscal year's financial results," the bank said.

ITUB

Itau Unibanco

$11.83

0.13 (1.11%)

C

Citi

$49.28

0.21 (0.43%)

  • 14

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    Oct

ITUB Itau Unibanco
$11.83

0.13 (1.11%)

06/02/16
HSBC
06/02/16
DOWNGRADE
HSBC
Hold
Itau Unitbanco downgraded to Hold from Buy at HSBC
07/14/16
FBCO
07/14/16
UPGRADE
FBCO
Neutral
Itau Unitbanco upgraded to Neutral from Underperform at Credit Suisse
07/19/16
GSCO
07/19/16
UPGRADE
GSCO
Neutral
Itau Unitbanco upgraded to Neutral from Sell at Goldman
07/19/16
GSCO
07/19/16
UPGRADE
GSCO
Neutral
Itau Unitbanco upgraded to Neutral from Sell at Goldman
C Citi
$49.28

0.21 (0.43%)

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
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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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SKX

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Walmart

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BLL

Ball Corp.

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PBYI

Puma Biotechnology

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Adtran

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Pure Storage

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PSDO

Presidio

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IDTI

Integrated Device

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Marvell

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WWR

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IBM

IBM

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MSFT

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HP Inc.

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WPZ

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Western Gas Partners

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WGP

Western Gas Equity

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VLP

Valero Energy Partners

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