Citi Shares Hit $5, Could Reach $6-$8: Analyst
Citigroup’s shares, which hit $5 on Thursday for the first time since late last year, could rise to the $6-$8 range in the coming months, Jeffrey Harte of Sandler O’Neill told CNBC.
“I like two things about Citigroup ,” Harte said. “There’s a real business there and I don’t think people really appreciate that the toxic assets (on its books as part of the subprime mortgage crisis) are in the past.”
He added it would be premature to think Citi could get to $10 or $11 soon.
Citigroup was one of the major banks hit by the subprime meltdown and one of the biggest beneficiaries of the government’s bailout.