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Investing.com - Piper Sandler raised its price target on Citi (NYSE:C) to $110.00 from $107.00 on Wednesday, while maintaining an Overweight rating on the banking giant’s stock. The stock, currently trading at $99.84 with a market capitalization of $178.64 billion, appears undervalued according to InvestingPro analysis.
The price target increase follows Citi’s third-quarter 2025 earnings report and updated guidance from the company. Despite the higher price target, Piper Sandler slightly reduced its 2025 earnings per share (EPS) estimate from $7.56 to $7.50, reflecting Citi’s reported underperformance relative to the firm’s estimate. The stock has shown remarkable strength with a 57.47% return over the past six months, and InvestingPro data shows five analysts have recently revised their earnings estimates upward.
For longer-term projections, the research firm raised its 2026 EPS estimate from $9.51 to $9.60, and increased its 2027 EPS forecast from $11.47 to $11.71.
The new $110 price target is based on Piper Sandler’s higher 2026 EPS estimate and assumes Citi shares will trade at approximately 11 times the firm’s 2026 earnings projection.
Piper Sandler noted that while Citi’s reported results fell short of their estimates, the bank’s core EPS actually beat expectations in the third quarter.
In other recent news, Citigroup Inc. reported its third-quarter 2025 earnings, surpassing analysts’ expectations with an adjusted earnings per share of $2.24, compared to the forecasted $1.75. The company’s revenue also exceeded projections, reaching $22.09 billion against an expected $21.05 billion. This strong performance led to several analyst firms revising their price targets for Citigroup. TD Cowen raised its price target to $110 from $105, citing the bank’s better-than-expected core earnings and stronger top-line performance. Morgan Stanley increased its price target to $134 from $129, basing this on an 11x earnings multiple applied to their 2027 EPS estimate. BofA Securities also raised its price target to $120 from $115, maintaining a Buy rating, and highlighted the 17% increase in core earnings per share compared to their estimates. These developments reflect Citigroup’s robust financial performance and potential for future growth.
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