C (Citigroup) Message Board

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Non-Tech : C (Citigroup)

C 101.21

+1.0%

3:59 PM EDT

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From: JakeStraw	3/7/2007 8:09:32 AM
	of 259

From S&P Stock Picks - Citigroup (C) Maintains 5 STARS (strong buy) Analysts: Frank Braden, Stuart Plesser Citigroup announces a tender offer of 1,350 yen for each Nikko Cordial share; a deal valued at up to $10.8 billion. Nikko, Japan's third-largest brokerage by revenue, has been seeking to restructure its business after accounting irregularities were revealed in December. We favor the acquisition, as Nikko's more than 100 Japanese branches would boost Citigroup's presence in Japan and provide a meaningful platform for it from which to sell mutual funds and services. Our 12-month target price of $63 is 13.7 times our 2007 EPS estimate, in line with the stock's historical average. yahoo.businessweek.com

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