Despite Fed’s surprise rejection of Citigroup (C)’s dividend plans during the Fed’s stress-test process, CLSA’s Mike Mayo said that Tuesday’s annual shareholder meeting taking place in St. Louis reassured him that the stock could head to $96 per share.
“I would say I’m very happy seeing the chairman, Mike O’Neill, and the CEO, Mike Corbat interact for two hours”, Mayo said on CNBC. “This is a great working relationship, and I still think “The Mike and Mike Show” can play on Broadway and in 100 countries. They are impressive thinkers, they just have to execute a little bit better. That was encouraging.”
On CNBC’s “Halftime Report,” Mayo reiterated his “Buy” rating on Citi shares.
“We still recommend Citigroup stock. We have a $58, one year price target,” he said. “Over four years, we still think Citigroup stock can double. We think the story’s delayed.”
Citi shares are up more than 1% today, trading at $48 and change as of 2:56PM EDT.