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Citigroup (CITIGROUP) will release its earnings report on July 15, before the market opens. Analysts expect an EPS of $1.67 per share and total revenue of $18.04 billion. Should you buy the stock?
Citigroup is an investment banking company providing financial services for institutional investors and retail customers. It has around 228 000 employees and a market capitalization of $88.36 billion. After the covid crash in March 2020, the stock had difficulties returning to normal. More to say, the share price didn’t beat the pre-covid high of $83.11.
Citigroup reported 1st quarter 2022 earnings of $2.02 per share on revenue of $21.5 billion. The consensus earnings estimate was $1.74 per share on revenue of $18.5 billion. Revenue fell 1.1% compared to the same quarter a year ago. However, high EPS (a 41.5% increase) was a bullish sign for the stock. After the report, the stock gained 11% before a slide lower.
Since Jane Fraser took over as CEO of Citigroup in early 2021, the bank has been working on a multi-year transformation plan to correct regulatory issues, modernize parts of the bank, and try to boost returns, which have disappointed for years. The bank is working to sell its consumer-banking department in Russia but cannot do so because of the Ukraine invasion. Also, the bank performed badly in the Federal Reserve’s annual stress testing. That means the bank will face higher regulatory capital requirements in 2023.
As the transition won’t end until 2023, the bank is actively trying to cut poorly-working parts and invest in promising technologies.
First, Citigroup sold its Mexican division, Citibanamex, to free up some capital and potentially lower the regulatory capital requirements. Although it was a profitable unit, Citi is focusing on long-term growth, not urging for instant gains.
Second, analysts have been cutting EPS estimates for most of the six biggest US-based banks but not for Citigroup. The bank EPS expectations rose by 0.8%, followed by JPM with a 0.35 decline. Risks are pretty low for the bank and will likely decrease in the future.
Third and last, Citigroup entered the crypto world and started to invest in metaverses and decentralized applications. I’m a crypto enthusiast and sure that cryptocurrecy inestments will pay off in the future. Moreover, when the fifth-biggest bank in the US makes its move, it knows what it’s doing.
The 23 analysts offering 12-month price forecasts for Citigroup Inc have a median target of 58.00, with a high estimate of 81.00 and a low estimate of 39.00. The median estimate represents a +27.50% increase from the last price of 45.49.
As for the chart, both mid-term and long-term analyses are in tandem with analyst expectations. We see multiple divergences on the RSI and the price is close to the support trendline (yellow). The daily chart hints about a soon reversal. The question is: how soon will it happen? Even if the earnings report is worse than expected, the stock should hold above the trendline to soar.
Citigroup daily chart
Resistance: 52.00, 60.00, 80.00
Support: 40.00
The weekly chart is even better than the daily one. Look at the RSI. The mid-term reversal happens every time it goes to the level of 25.00 and lower. The long-term bullish trend hasn’t been broken yet, and we expect Citigroup to reach the level of $80.00 per share (a 76% upside).
Citigroup weekly chart
Resistance: 60.00, 80.00
Support: 40.00, 32.00
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
FAANG stocks started recovering. Which ones are the best according to fundamental analysis?
The previous year 2022, was undoubtedly tumultuous for the stock markets, with several stocks plummeting across multiple industries. Analysts have blamed the hard times on inflation, hawkish federal reserve policies, an impending global recession, and the ongoing crisis in Ukraine. This year, however, we're beginning to see some recovery in the stock markets. This article will find a few stocks worth buying this year.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
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