CITIGROUP STOCK RISES ON RATING UPGRADES
Citigroup’s stock is currently trading at 64.04-higher by 0.52% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.49%. The stock has pared some of its earlier gains after the opening bell.
Investment bank Goldman Sachs upgraded the company’s stock to buy from neutral. The bank also raised its price target to $77 per share from $71. The new price target represents a 21% upside from the share’s current level.
The investment bank said that Citigroup has the lowest sensitivity to both short-end rate movements and to the long end of the curve in its coverage. Goldman further said that the company’s global and Asia presence positions are likely to benefit from a potential shift in trade flows if trade tensions intensify. Stocks of Citigroup have advanced 19% year to date.
On the technical front, the RSI is currently at 39.68% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 63.96 TAKE PROFIT AT 64.48 STOP LOSS AT 63.71