Citigroup (NYSE:C) posted better-than-expected earnings for the third quarter.
The bank reported posted third-quarter revenue of $22.09 billion, up 9% year over year and comfortably ahead of expectations of $21.09 billion, as strong performances across Markets, U.S. Personal Banking, and Investment Banking lifted results.
Net income rose to $3.75 billion, while earnings per share jumped to $2.24 from $1.51 a year earlier, also topping estimates of $1.90 per share.
Citigroup expects fiscal 2025 revenue to be higher than its prior estimate of $84 billion, compared to the analyst consensus estimate of $84.95 billion. The banking firm reiterated that expenses would be higher than the previously estimated $53.4 billion.
The company reiterated the 2025 Branded Cards NCL range of 3.50% to 4.00% and the Retail Services NCL range of 5.75% to 6.25%.
Citigroup shares fell 0.3% to $99.57 on Wednesday.
These analysts made changes to their price targets on Citigroup following earnings announcement.
- Morgan Stanley analyst Betsy Graseck maintained Citigroup with an Overweight rating and raised the price target from $129 to $134.
- Piper Sandler analyst Scott Siefers maintained Citigroup with an Overweight rating and raised the price target from $107 to $110.
- TD Cowen analyst Steven Alexopoulos maintained the stock with a Hold and raised the price target from $105 to $110.
- Barclays analyst Jason Goldberg maintained Citigroup with an Overweight rating and raised the price target from $100 to $115.
- B of A Securities analyst Ebrahim Poonawala maintained the stock with a Buy and raised the price target from $115 to $120.
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