Downgrade Alert for Citigroup (C)
Citigroup (NYSE:C) was downgraded from Hold to Sell at Societe Generale today. The stock closed yesterday at $46.92 on volume of 19.7 million shares, below average daily volume of 20.1 million.
In the past 52 weeks, Citigroup share prices have been bracketed by a low of $34.52 and a high of $60.95 and closed yesterday at $46.92, 36% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.2%.
Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company's services include investment banking, retail brokerage, corporate banking, and cash management products and services.
Potential upside of 36.0% exists for Citigroup, based on a current level of $46.92 and analysts' average consensus price target of $63.79. The stock should hit resistance at its 200-day moving average (MA) of $48.84, as well as support at its 50-day MA of $43.20.
SmarTrend recommended that subscribers consider buying shares of Citigroup on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.45. Since that recommendation, shares of Citigroup have risen 7.5%. We continue to monitor C for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades Citigroup