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Goldman Sachs cut price target for Citigroup from $40 to $33
20 November 2007
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View information about Citigroup, news and price targets.
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Citigroup price target was lowered to $33 by Goldman Sachs on Monday. Analysts changed recommendation on Citigroup shares from "Hold" to "Sell", predicting that the biggest U.S. bank could write down as much as $15 billion related to mortgage losses.
"Given the dislocations in the credit markets, we have become more pessimistic,'' analyst William Tanona wrote to investors, downgrading Citigroup to "Sell". "Citigroup will likely face an increasingly challenging operating environment which is likely to pressure results in many of their businesses.''
However, analyst views on Citigroup remain mixed. Eight of the 22 analysts tracked by Bloomberg recommend that their clients buy the shares, compared with five who recommend they sell and nine who have "hold" ratings.
Current market capitalization for Citigroup is $157 billion
P/E ratio: 8.47
Current share price on the NYSE: $31.90
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