Citigroup (C)

Hold Recap: Q1 2026

A Blowout Quarter Caps a Near-Double, but the Re-Rating Has Reached Fair Value — Downgrading Citigroup to Hold Into Investor Day

Outperform Recap: Q4 2025

FY25 Closes at 8.8% RoTCE With Every Business a Record and the First Consent-Order Article Terminated — a Soft Q4 Headline Masks a Stronger Citi: Maintaining Outperform

Outperform Recap: Q3 2025

Adjusted Returns Hit 9.7%, Every Business Sets a Record, the Banamex Exit Path Is Secured — Upgrading Citigroup to Outperform

Hold Recap: Q2 2025

Firing on All Cylinders, Still Earning 8.7% at Tangible Book — Initiating Citigroup at Hold With a Clear Path to Upgrade