Citigroup Inc
C: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$72.00 | Nkfzd | Sbsflscd |
Citigroup Earnings: Laser-Like Focus on Expenses Is Required for Achieving Long-Term Targets
No-moat Citigroup reported better-than-expected first-quarter earnings at $1.58 per share compared with the FactSet consensus of $1.18. There was an incremental $251 million FDIC special assessment charge related to the FDIC increasing its estimated loss from the March 2023 banking events. Other non-recurring expenses included $225 million of restructuring charges related to organizational simplification. We do not anticipate a material change to our $68 per share fair value estimate for the bank as we incorporate first-quarter results.