J.P. Morgan Maintains Overweight on Citigroup

J.P. Morgan is out with its report today on Citigroup C, maintaining Overweight. In a note to clients, J.P. Morgan writes, "We maintain Citigroup at Overweight longer term relative to our universe due to relatively attractive valuation with the shares trading below tangible book value, strong capital levels, sizeable amount of loan loss reserves, and potential for faster growth from emerging markets. Citi also has better revenue growth drivers led by its emerging markets business and should benefit from slowing, albeit still high, credit losses, and continued shrinkage of Citi Holdings." At the time of posting, shares of C were trading pre-market at $38.20, down 0.47% from Friday's close.