Citigroup Analysts Increase Their Forecasts Following Strong Q3 Earnings

Core Insights - Citigroup reported third-quarter revenue of $22.09 billion, a 9% increase year over year, exceeding expectations of $21.09 billion, driven by strong performances in Markets, U.S. Personal Banking, and Investment Banking [1] - Net income rose to $3.75 billion, with earnings per share increasing to $2.24 from $1.51 a year earlier, surpassing estimates of $1.90 per share [1] Financial Outlook - Citigroup expects fiscal 2025 revenue to exceed the previous estimate of $84 billion, compared to the analyst consensus estimate of $84.95 billion [2] - The bank reiterated that expenses would be higher than the previously estimated $53.4 billion [2] - The company maintained the 2025 Branded Cards NCL range of 3.50% to 4.00% and the Retail Services NCL range of 5.75% to 6.25% [2] Analyst Ratings and Price Targets - Morgan Stanley analyst Betsy Graseck maintained an Overweight rating and raised the price target from $129 to $134 [5] - Piper Sandler analyst Scott Siefers maintained an Overweight rating and raised the price target from $107 to $110 [5] - TD Cowen analyst Steven Alexopoulos maintained a Hold rating and raised the price target from $105 to $110 [5] - Barclays analyst Jason Goldberg maintained an Overweight rating and raised the price target from $100 to $115 [5] - B of A Securities analyst Ebrahim Poonawala maintained a Buy rating and raised the price target from $115 to $120 [5]