BofA Reiterates a Buy Rating on Citi (C), Here’s What You Should Know

Citigroup Inc. (NYSE:C) is one of the Most Profitable Large Cap Stocks to Invest in Now. On March 27, Bank of America Securities reiterated a Buy rating on Citigroup Inc. (NYSE:C) with a price target of $140.

​The rating is based on a Bloomberg report suggesting potential acquisition discussions by the bank. The report noted that senior executives are internally exploring large-scale deals, including acquiring a US regional bank with around $500 billion in assets, such as Truist Financial or PNC Financial. The report also highlighted Citi’s aspirations to buy brokerage firms like Stifel Financial or Raymond James Financial.

​Bank of America Securities noted that Citigroup’s interest in mergers and acquisitions is not surprising, but emphasized that management is likely to prioritize existing ongoing regulatory consent orders in the coming months.

​However, later on March 27, Reuters reported that Citigroup Inc. (NYSE:C) dismissed the report by Bloomberg, calling it “baseless speculation.” The bank noted that it remains focused on organic growth.

​Citigroup Inc. (NYSE:C) is a global diversified financial services holding company that provides consumers, corporations, governments, and institutions with a broad range of financial products and services. Its core business activities include investment banking, retail banking, securities brokerage, transaction services, and wealth management.

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