Citigroup Inc. (C) Cuts Base Lending Rate to 7% Eyes More Borrowers

Citigroup Inc. (NYSE:C) is one of the best blue-chip stocks to buy now. On November 7, Barclays analyst Jason Goldberg reaffirmed his Buy rating on Citigroup Inc. (NYSE:C) and set a price target of $115. On October 30, Citigroup Inc. lowered its base lending rate to 7% from 7.25%. The cut highlights the bank’s effort to make borrowing more attractive amid economic uncertainty and intense competition in the banking industry.

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The 25 basis point cut, which comes on the heels of the US Federal Reserve cutting its benchmark rate to 4% also reflects Citigroup’s bid to attract new borrowers and retain existing clients. Additionally, the cut could result in significant savings for consumers and businesses with loans tied to the bank’s base rate.

Meanwhile, on October 15, KBW analyst Christopher Mcgratty reiterated a Buy rating on the stock. The analyst also set a $118 price target on the stock. The Buy rating follows solid third-quarter results on October 14, characterized by record revenue despite the company booking a loss from the sale of stakes in a Mexican unit. Revenues in the quarter rose 9% to $22.09 billion, exceeding consensus estimates of $21.09 billion, as net income jumped 16% to $3.75 billion, or $1.86 per share.

Citigroup Inc. (NYSE:C) is a major multinational investment bank and financial services corporation that provides a broad range of financial products and services to consumers, corporations, governments, and institutions worldwide.

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Disclosure: None. This article is originally published at Insider Monkey.