Bank of America Changes Estimates On Citigroup

Bank of America has published a report on Citigroup C. In the report, Bank of America writes, "Citi reported 2Q EPS of $1.09 vs. BofAMLe $.98, cons. $.96. Result was a mixed bag; Citicorp, the “core”, actually missed by about $.04 (including Corporate/Other unit), largely on weak Securities & Banking, where revenues were as expected, but costs surprisingly high, and Equities disappointing. Citi Holdings (“CH”) benefitted from a $500mn pre-tax gain on sale of $12.7B of SAP assets and declining expenses as Citi continues to pare down CH non-core assets." Bank of America rated Citigroup a BUY with a price target of $53.00. Citigroup closed Friday at $38.38.