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Where do you expect Citigroup to bottom out? |
Citigroup (C) is down today 7% and with the dividend cut it will be yielding a more reasonable 4.7% or so - Income funds may be dissapointed and may choose to drop C at the same time there is big money (foreign and local) out there ready to invest, but we still have this housing slump so still expect further write-offs and less income in mortgage fees - what price do you expect to be the bottom, why, and when? I think most of the blood is already in the street, trading at 26 and change I see downside at about 24-25. No one knows what is going to happen to the mortgage market and Citi has dabbled in alot of subprime paper, also the purchase of interfirst bank didn't help them @ ALL B/C they are no longer doing well. Its not going to start getting better any time soon. Hope for the best but expect the worst With the guy they appointed as their CEO, it is hard to say. His resume is hardly what one would call adequate and the job ahead of him is not one that I would envy. Some stocks are lucky they can't go below zero. |
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