📈 CITIGROUP GETS UP TO RECOVER, BREAKS THROUGH MULTI WEEK HIGHS
Citigroup stocks hit highest since March 2022, last up 5% as brokerage Morgan Stanley upgrades
C
to "overweight" from "underweight", as well as
BAC
and
GS
to "overweight" from "equal-weight".
Brokerage sees a rebound in capital markets amid growing signs of an imminent rebound in dealmaking. Also expects regulators to ease the Basel III Endgame proposals, a set of rules that will make capital requirements stricter for banks, which have been one of the flashpoints in the industry for months.
Brokerage says the proposals could be eased to be more aligned with Europe so that European banks do not have an unfair advantage.
Any easing of the draft rules will open the door for a significant increase in stock buybacks, as large-cap banks sit on the highest excess capital levels ever -
MS
.
The main technical graph says that
C
shares add +5.25% on Tuesday, break through multi week highs, with possible further recovery to multi year top $80 level.
C
to "overweight" from "underweight", as well as
BAC
and
GS
to "overweight" from "equal-weight". Brokerage sees a rebound in capital markets amid growing signs of an imminent rebound in dealmaking. Also expects regulators to ease the Basel III Endgame proposals, a set of rules that will make capital requirements stricter for banks, which have been one of the flashpoints in the industry for months.
Brokerage says the proposals could be eased to be more aligned with Europe so that European banks do not have an unfair advantage.
Any easing of the draft rules will open the door for a significant increase in stock buybacks, as large-cap banks sit on the highest excess capital levels ever -
MS
. The main technical graph says that
C
shares add +5.25% on Tuesday, break through multi week highs, with possible further recovery to multi year top $80 level.