Citigroup faces $8.9 billion writeoff, capital need: Goldman
BANGALORE (Reuters) - Citigroup Inc (NYSE:C - News) may suffer $8.9 billion of write-downs in the second quarter, resulting in a loss and possibly its second dividend cut this year, and investors should bet the largest U.S. bank's shares will fall, Goldman Sachs & Co said on Thursday.
Analyst William Tanona also added Citigroup to Goldman's "Americas conviction sell" list and cut his price target on the stock to $16 from $20.
The Full StoryI got my statement from Wachovia for my dividend reinvestment a couple of days ago and noticed that they'd sliced the dividend by around half. It's hard to believe that these companys didn't see this coming. If I had been running a bank it'd still be in healthy condition 'cause I never would have suckered into this overevaluation.
PS:
"Citigroup fell to a 10-year low after an analyst placed a "sell" rating on the stock."
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Thu Jun 26, 2008 10:29 am