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We viewed the company's strengths as underestimated and its ills as overstated. We argued that Citi could top $4 in the next year and ultimately hit $6.50 by 2011 or 2012 ("The Beauty of Banking's Big Ugly," July 27).

Citi isn't a bargain anymore (当时是$5.22). It now trades at a premium to estimated tangible book value of $4.35 a share, following an enormous $58 billion exchange offer in which preferred stock held by the government, public investors and a group of private investors was converted to common shares to bolster the big banking concern's balance sheet. That exchange offer ballooned Citigroup's total of outstanding common shares to 23 billion from five billion, permanently capping what it can earn per share. Citi shares are at or above most analysts' one-year price target.
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Eventually, Citi should be able to earn about $15 billion, or 65 cents a share. If a price/earnings multiple of 10 is applied to those profits, the shares could hit $6.50, but that might not happen until 2011 or 2012.更多精彩文章及讨论，请光临枫下论坛 rolia.net