Why Shares of Citigroup Are Up Today
Shares of Citigroup (NYSE: C), America's third-largest bank by assets, got off to a good start this morning, rising nearly 5% in the first hour of trading.
The stock moved higher as analysts at Morgan Stanley maintained their overweight rating, meaning the company's stock should perform better in the future. Morgan Stanley also raised its price target to $81, which is 18% higher than its current levels.
Citigroup's stock is also rising as new CEO Jane Fraser formally takes the reins today from departing CEO Michael Corbat. It would appear the market is optimistic on Fraser, the first woman to lead a major Wall Street bank.