Citigroup trading at a discount to book value, analyst says in upgrade

Citigroup Inc.
C,
+1.11%
stock is currently trading at a 52.7% discount to its book value, Odeon Capital analyst Richard Bove said Tuesday as he boosted his rating on the bank to buy from hold. “The bank, unlike its peers, clearly benefitted from higher interest rates and it has a more positive longer-term outlook,” Bove said. The company’s discount valuation reflects its past business focused on the retail banking sector. “This is a capital markets company not an international retail bank,” Bove said. Citigroup stock is up 0.8% in premarket trades on Tuesday.