Citigroup Stock at Underperform, Research in Motion a Hold on Possible Deal
All three major U.S. financial indices closed up on Tuesday. The Nasdaq and the Dow Jones Index showed leadership. With Citigroup no longer a DJIA component, it was actually a less of a factor for the general market that the bank disappointed the shareholders today. Citigroup Inc. Earnings: Falls Below Expectations as Net Income Declines>>
Citigroup, Inc. (NYSE:C): Citigroup’s board may be just along for the ride. CLSA’s Mike Mayo says the board has not taken in the reins. Citigroup’s fourth quarter results open the board’s oversight to question. Expense control and a negative operating leverage seems to indicate a lack of control by the board. The firm rate Citigroup Underperform.
Research In Motion Limited (NASDAQ:RIMM): Jefferies sees possible deal for Research in Motion and Samsung. Jefferies believes the two companies will reach some type of licensing deal for the Blackberry 10, rather than a sale. While thinking talks will result in some type of partnership, the firm raised target for RIM from $13.50 to $17 but kept RIMM at Hold.
Blackbaud Inc. (NASDAQ:BLKB): Wells Fargo sees Blackbaud’s acquisition of Convio (NASDAQ:CNVO) as beneficial. Purchasing the on-demand management systems provider could produce revenues of $500 million for the year increasing opportunities for Blackbaud in cross selling. The firm maintains a Market Perform.
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