Citi to report Q3 results in difficult environment
Citigroup (C) is slated to report Q3 results on Monday, October 17 before the market open with a conference call scheduled for 11:00 am ET. Analysts are looking for EPS of 82c on revenue of $19.59B. The consensus range is 60c-99c for EPS, and $17.76B-$24.36B for revenue, according to First Call. JP Morgan (JPM) earlier this week reported stronger than expected Q3 EPS, but the upside largely stemmed from an accounting gain. JP Morgan outlined several challenges it's facing, including weak investment bank revenue and pressure on its NIM, and Citigroup is probably coping with the same difficulties. On a positive note, Citigroup CEO Vikram Pandit earlier this week confirmed that the bank had been profitable in Q3, Bloomberg reported. Meanwhile on October 5, Wells Fargo initiated Citigroup with a Market Perform rating and $30-$32 target. Wells thought that Citigroup's valuation was attractive at that time, when the company's stock was trading around $24, versus around $27-$28 today. However, Wells predicted that Citigroup's shares would experience near-term volatility due to a slower growth environment and European sovereign challenges. Of course, investors will be interested in hearing Citigroup's outlook on the U.S. economy and the European sovereign debt situation, Any statements by Citigroup about the impact of the Volcker Rule will also likely interest investors. Citigroup reported on September 15 that its credit card delinquencies had fallen to 3.35% in August, versus 3.39% in July. However, the bank's credit card write-offs did rise to 6.92% in August from 6.64% in July
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