Citigroup upgraded by Bove
Citigroup (NYSE:C) got some more wind in its sales as Rochdale analyst Dick Bove upgraded the stock from neutral to buy.
Interestingly, he viewed the government getting rid of the 7.7 billion shares it owns in Citigroup as the major reason behind his thinking.
Essentially he through out the actual condition of the company and the long term challenges it faces.
But it is understandable concerning Bove's reasoning, as many investors feel as long as the government is wrapped around the neck of Citigroup they'll be held back and not able to take the necessary steps to move forward.
Bove increased his target price for Citigroup from $3.75 to $5.
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