Citigroup downgraded to "neutral weight"

07/19/06 - Prudential Financial

NEW YORK, July 19 (newratings.com) - Analyst Michael L Mayo of Prudential Financial downgrades Citigroup Inc (C) to "neutral weight." The target price is set to $52.

In a research note published yesterday, the analyst mentions that the company has reported its 2Q06 EPS, excluding onetime items, short of the consensus. Citigroup’s core revenues and expenses rose by 1% each, the analyst says. The company’s results reflect weak operating leverage, Prudential Financial adds.