Morgan Stanley raised the firm’s price target on Citi (C) to $109 from $104 and keeps an Overweight rating on the shares. Citi delivered a
With top U.S. banks scheduled to commence their fourth-quarter earnings next week, Morgan Stanley has named Citi its top pick among large-cap banks. Shares of the lender traded over 1.6% on Tuesday afternoon.
While Citi, BofA and Goldman touted their biggest cohorts of managing directors in years, Morgan Stanley elevated greater numbers in 2022 and 2023. But the banks appear in lock-step on other value markers.
Follow live coverage and analysis of earnings from Wells Fargo, JPMorgan Chase, Citigroup, Goldman Sachs, Bank of America, Morgan Stanley, and BlackRock.
Jane Fraser, CEO of Citigroup, told analysts she's not going to sacrifice growth-related investments for short-term gains. "You shouldn't want me to do that," she said.
Among the S&P 500’s eleven sectors, Financials are expected to report the highest year-over-year earnings growth at nearly 40 percent, according to FactSet. Banks make up so much of that gain that if they were excluded from the sector, that figure would fall to 11 percent.
These 173 leaders will help steer the firm as Wall Street readies for a potential flood of dealmaking, from M&A to IPOs.
Bank of America and Morgan Stanley are next up in a series of bank earnings reports due out this week. The firms report fourth-quarter results on Thursday morning. Their competitors—JPMorgan Chase, Wells Fargo,
JPMorgan Chase (JPM), Goldman Sachs (GS), and Wells Fargo (WFC) report on Wednesday, while Bank of America (BAC) and Morgan Stanley (MS) release results on Thursday. RBC Capital markets analyst Gerard Cassidy joins Seana Smith and Brad Smith to discuss what investors can expect from Big Bank earnings.
Morgan Stanley notes that the firm’s Q4 EPS estimate is median 2% above consensus for the large cap bank group as the firm expects capital
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