Deutsche Bank Has Buy Rating On Citigroup

Deutsche Bank has a Buy rating and a $55 price target on shares of Citigroup C. In a note to investors, Deutsche Bank writes, "shares are down 9.8% (lagging the BKX by 1050bps) since 4/20--or about a couple weeks before its 10 for 1 reserve split. Pressure likely reflects some technical issues surrounding the split, concerns over lack of capital clarity, a so-so capital markets quarter (so far) and concern over a lack of expense flexibility. But the sell off seems overdone in our view given the stock trades at 0.8x year end 2011 TBV, mgmt continues to de-risk the company, and revenues may accelerate a bit in 2H11. Given this, we reiterate our BUY rating." Shares of C lost 30 cents yesterday to close at $41.24, a loss of 0.7%.