Friday, April 8, 2011

Citigroup (C) Gets "Buy" Rating from Sterne Agee

Citing the strong balance sheet of Citigroup (NYSE:C), Sterne Agee analyst Todd Hagerman initiated coverage on the giant bank with a "Buy" rating on Friday.

Hagerman said Citigroup "continues to steadily improve its capital flexibility with the steady reduction in non-core assets and re-allocation of capital towards higher return, better growth business"

As for his take on Citigroup and emerging markets, he said the company gets an "outsized contribution from emerging markets and Asia," accounting for close to 60 percent of the company's revenue.

Citigroup was trading at $4.60, up $0.02, or 0.44 percent, as of 12:30 PM EDT. Hagerman has a price target of $6 a share on Citi.

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