Citigroup (C) is making progress in uncertain macro conditions and has delivered better-than-expected fiscal Q1 results, RBC Capital Markets analyst team said in a research note late Tuesday.
The bank's $1.96 earnings per share surpassed RBC's estimate of $1.94 and consensus of $1.84.
RBC also noted the bank's management team remains confident to achieve medium-term financial target of 10% to 11% return on tangible common equity, during 2026, compared with an ROTCE of 9.1% recorded in Q1.
In order to achieve its goals, the bank will need "modest revenue growth and a laser-like focus on expenses," RBC said. "On paper the goals appear reasonable and attainable, but we believe it is going to come down to execution," RBC added.
RBC lowered its 2025 and 2026 EPS estimates for the bank to $7.45 and $9.75 from $7.52 and $9.76, respectively, taking into account lower non-interest income partially mitigated by higher net interest income.
RBC lowered the price target on the stock to $78 from $85, while maintaining outperform rating.
Price: 62.77, Change: -1.56, Percent Change: -2.42
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