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C

Citi

$48.47

-0.23 (-0.47%)

08:04
10/14/16
10/14
08:04
10/14/16
08:04

Citi reports Q3 cost of credit down 5%

Citigroup's operating expenses decreased 2% to $10.4B in the third quarter 2016, as lower expenses in Citi Holdings and a benefit from foreign exchange translation were partially offset by volume growth and ongoing investments in Citicorp. Citigroup's cost of credit in the third quarter 2016 was $1.7B, a 5% decrease as a lower provision for benefits and claims and a decrease in net credit losses were partially offset by a net loan loss reserve build of $176M, largely driven by North America cards within Citicorp, compared to a net loan loss reserve release of $16M in the prior year period. Citigroup's allowance for loan losses was $12.4B at quarter end, or 1.97% of total loans, compared to $13.6B, or 2.21% of total loans, at the end of the prior year period.

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C Citi
$48.47

-0.23 (-0.47%)

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.
10/10/16
OPCO
10/10/16
NO CHANGE
OPCO
Oppenheimer technical analyst upgrades Financials, downgrades Consumer Staples
Oppenheimer technical analyst Ari Wald upgraded the Financials sector to Market Weight and downgraded Consumer Staples to Underweight in next step in the firm's "cyclical rotation road map." Wald identified Ameriprise (AMP), Bank of America (BAC), Citi (C), Goldman Sachs (GS), Lincoln National (LNC) and SunTrust (STI) as six stocks breaking higher that he sees as likely to benefit from internal market rotation.
10/11/16
COMP
10/11/16
INITIATION
Target $39
COMP
Sell
Citi initiated with a Sell at Compass Point
Compass Point analyst Charles Peabody initiated Citi with a Sell and a $39 price target saying earnings continue to look week combined with soft international and capital markets.

TODAY'S FREE FLY STORIES

SQM

SQM

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DB

Deutsche Bank

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-0.19 (-1.02%)

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F

Ford

$13.10

-0.13 (-0.98%)

08:11
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Technical Analysis
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VBIV

VBI Vaccines

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DERM

Dermira

$26.96

-0.48 (-1.75%)

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LFUS

Littelfuse

$205.55

-0.9 (-0.44%)

, IXYS

IXYS

$23.05

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Littelfuse completes acquisition of IXYS »

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IXYS

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$23.05

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DKS

Dick's Sporting

$32.33

-1 (-3.00%)

08:08
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Technical Analysis
Technical Take: Dick's Sporting higher in pre-market, analyst action »

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08:08
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Conference/Events
Board of Governors of the Federal Reserve System holds a closed meeting »

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MGP

MGM Growth

$29.50

0.96 (3.36%)

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VICI Properties rejects unsolicited proposal from MGM Growth »

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TEUM

Pareteum

$2.31

-0.07 (-2.94%)

08:08
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Pareteum awarded $3M contract to add mobility to South American data provider »

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CSOD

Cornerstone OnDemand

$38.94

-0.23 (-0.59%)

08:07
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Cornerstone OnDemand to separate chairman and CEO roles »

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  • 13

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ATVI

Activision Blizzard

$68.71

-1.65 (-2.35%)

, AMZN

Amazon.com

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ATVI

Activision Blizzard

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AMZN

Amazon.com

$1,304.86

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NTES

NetEase

$322.08

-6.75 (-2.05%)

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KNX

Knight-Swift

$44.63

-0.37 (-0.82%)

08:07
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Conference/Events
Knight-Swift management to meet with Deutsche Bank »

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MPLX

MPLX

$38.28

-0.5 (-1.29%)

08:07
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MPLX announces joint open season for Cushing-to-Patoka pipeline expansion »

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UNH

UnitedHealth

$232.90

4.26 (1.86%)

08:06
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DE

Deere

$167.54

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  • 16

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RIOT

Riot Blockchain

$18.28

-3.6 (-16.45%)

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  • 01

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WAFD

Washington Federal

$35.60

-0.05 (-0.14%)

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Earnings
Washington Federal reports Q4 EPS 59c, consensus 51c »

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ICHR

Ichor Holdings

$25.60

0.86 (3.48%)

08:05
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Earnings
Ichor Holdings sees Q1 revenue $240M-$250M, consensus $208.35M »

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  • 17

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OBE

Obsidian Energy

08:04
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Hot Stocks
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HSBC

HSBC

$54.90

0.07 (0.13%)

08:04
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Downgrade
HSBC rating change  »

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ICHR

Ichor Holdings

$25.60

0.86 (3.48%)

08:04
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Earnings
Ichor Holdings sees Q4 revenue $183M, consensus $181.17M »

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  • 17

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RGC

Regal Entertainment

$22.90

-0.07 (-0.30%)

08:03
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GE

General Electric

$18.21

-0.55 (-2.93%)

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  • 24

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DWDP

DowDuPont

$74.95

-0.46 (-0.61%)

08:02
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