Citigroup (C) shares plunged 8.26% in early trading on Thursday, as the banking sector experienced a broad sell-off and JPMorgan Chase lowered its price target on the stock. The significant drop comes amid a challenging environment for major U.S. banks, with several financial institutions facing substantial declines in their stock prices.

The banking sector as a whole was under pressure, 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 decline suggests broader market concerns impacting the financial industry, contributing to Citigroup's steep fall.

Adding to Citigroup's woes, JPMorgan Chase adjusted its price target on the stock to $75.50 from $85.50, while maintaining a neutral rating. This downward revision likely fueled investor concerns about Citigroup's near-term prospects. Meanwhile, Oppenheimer also adjusted its price target on Citigroup to $110 from $116, although it maintained an outperform rating on the stock. These analyst adjustments, particularly JPMorgan's significant reduction, appear to have contributed to the selling pressure on Citigroup shares.

As major U.S. banks prepare to report their first-quarter 2025 earnings in the coming weeks, investors will be closely watching Citigroup's performance. The bank is scheduled to report its Q1 results on April 15th, with analysts expecting a 1% increase in revenue to $21.34 billion and a 9% rise in adjusted EPS to $1.90. Key focus areas for investors will include Citigroup's ability to defend its pre-provision net revenue in a challenging environment and its pace of share buybacks. The upcoming earnings report may provide crucial insights into the bank's financial health and future outlook, potentially influencing further stock price movements.