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发表于 2009-7-20 11:07 AM
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31# bucks
Rochdale Securities analyst Richard Bove cut his 2009 earnings estimate for Citigroup to 22 cents a share from 34 cents following the bank's second-quarter earnings report Friday. Bove also cut his 2010 estimate to 10 cents a share from 14 cents, and he reduced his 2011 earnings forecast for the bank to 30 cents a share from 34 cents. Bove maintained his buy rating on Citi shares and a price target of $4.
On Friday, Citi reported a second-quarter profit of $4.27 billion, or 49 cents a share, swinging from a year-ago loss of $2.5 billion, or 55 cents a share. However, the results benefitted from $11.1 billion pre-tax, or $6.7 billion after-tax, gain associated with the joint venture to combine its Smith Barney wealth management unit with Morgan Stanley's (MS Quote) brokerage operations.
In his research note, Bove called Citigroup "a deeply troubled company," noting that the bank would have lost 18 cents a share in the second quarter if not for the gain from the Smith Barney transaction. "This would have been consistent with the first quarter's loss, which was also [18 cents] per share," Bove wrote.
"The company's provision for loan losses in the quarter was 7.63% of loans," Bove wrote of Citi. "Its reserves are 5.60% of loans and only 69.7% of non‐performing assets (includes 90 day past due loans). These numbers are generally associated with banks that are unable to survive." |
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狗仔卡
发表于 2009-7-20 09:41 AM
