News / Business
Citigroup Inc.,C-Shares rose as much as 6 percent, more profitable as it unloaded troubled assets
Citigroup Inc
Citigroup Inc shares increased as much as 6 percent to their highest in more than three months on growing confidence that the embattled bank would emerge more profitable as it unloaded troubled assets.Veteran bank analyst Richard Bove, at Rochdale Securities, said some investors are betting that Citi shares will triple in three years.
"People are buying it now in expectation of the triple because they made the decision that all of the negatives that could happen don't mean anything," Bove said.
Citi shares were up 24 cents, or 5.8 percent, at $4.37 in early afternoon trading on the New York Stock Exchange. The shares have soared 56 percent during the past month, a higher jump than any of their peers in the KBW Banks Index .
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