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In the Premarket trading session on Friday, Citigroup’s stock was trading at 78.49- higher by 0.37% as compared to its previous close.
Financial services company Wells Fargo raised its price target on stocks of Citigroup to $97 a share from $85 per share. The company, however, reiterated an Overweight rating on stocks of the investment bank. Wells Fargo’s price target represents an upside of about 24% from the share’s previous closing price of $78.20.
The company increased its price-target of Citigroup citing increased earnings and the ongoing presence of activist investor ValueAct. Wells Fargo raised its 2020-2021 Earnings per Share estimates for the investment bank by 2%. The company believed the operating backdrop was less bad. Wells Fargo also expected the potential for ValueAct to help better guide for strategic change. ValueAct will help the investment bank to push management behind the scenes for better performance and more strategic evolution.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 78.44 TAKE PROFIT AT 78.80 STOP LOSS AT 78.26