Dick Bove Upgrades Citigroup
Rochdale analyst Dick Bove gave Citigroup (NYSE:C) another boost as he upgraded the stock from neutral to buy, citing the government selling its 7.7 billion shares in the company will give it a huge boost.
Citigroup has moved up strongly almost every time mention is made of the government selling its shares and Citigroup removing that weight off of them in order to go forward unhindered.
The target price increase by Bove for Citigroup of $5 a share from $3.75 a share was largely based on this action of the government. Secondarily,
Bove likes how much cash Citigroup now has to offer it some flexibility going forward.
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