Citigroup (C) shares tumbled 5.10% in pre-market trading on Thursday, as the banking sector faced a broader sell-off and analysts adjusted their outlook on the stock. The decline comes amid a challenging environment for major U.S. banks and ahead of the upcoming first-quarter earnings season.

The pre-market plunge in Citigroup's stock appears to be part of a larger trend affecting major U.S. banks. Earlier reports indicated significant declines across the banking sector, with JPMorgan Chase down 3.2%, Goldman Sachs and Wells Fargo both down 4%, Bank of America down 3.1%, and Morgan Stanley down 4.1%. This widespread downturn suggests broader market concerns impacting the financial sector as a whole.

Adding to the pressure on Citigroup's stock, several analysts have recently adjusted their price targets. JPMorgan maintained its Neutral rating on Citigroup but lowered its price target to $75.50 from $85.50. Similarly, Oppenheimer adjusted its price target to $110 from $116, while maintaining an Outperform rating. These adjustments, particularly JPMorgan's significant reduction, may be contributing to investor unease. Furthermore, with the first-quarter earnings season approaching, investors might be positioning themselves cautiously. Citigroup is scheduled to report its Q1 2025 results on April 15th, and analysts will be closely watching the bank's ability to defend its pre-provision net revenue in a challenging environment. The consensus expects Citigroup to report a 1% increase in revenue to $21.34 billion and a 9% rise in adjusted EPS to $1.90.