Citigroup is viewed favourably by Todd Hagerman,Managing Director and Head of the Multinational and Regional Bank Group at Sterne Agee.Citi just announced a major restructuring,setting themselves up for the capital review programme.As well,there will be major actions over the next 6-12 months by new CEO Mike Corbat.
Citi is also well-positioned to return capital to shareholders.It has an improved regulatory situation.The ongoing US budgetary problems will cause increased volatility in the market.Buy on the dips and take advantage of it.
Sterne Agee has a buy rating on Citi,with a price target of 52.00.It has also raised JP Morgan Chase from a hold to a buy.Their regulatory risk has subsided.I don't think the risk is too high.We certainly think there will be a buyback and a dividend increase.
TD Bank has topped the Royal Bank of Canada as the leading arranger of syndicated loans among the Canadian banks.
Citigroup(C),JP Morgan Chase(JPM),Toronto Dominion Bank(TD)
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