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Citigroup ‘like free candy at these prices’: Pro

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Citi bull: Stock doubles in 4 years

Citigroup stock, which took a hit after the company adjusted its third-quarter earnings, still looks on track to double in the next four years, CLSA bank analyst Mike Mayo said Friday.

"It's been 16 days since Citi reported third-quarter results. In 16 days, they came up with another $600 million write-down," he said. "And so, it's like: Oh, no. Not again. Citigroup needs to stay out of the headlines. Having said that, it's somewhat like what you would say to your kids when they're acting badly, 'I don't like what you did, but I still love you.' I don't like seeing a $600 million write-down, but I still love Citigroup stock."

On CNBC's "Halftime Report, " Mayo said that the stock was still cheap when considering the upside ahead.

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"In the theme of Halloween, it's like free candy at these prices," he said.