Wells Fargo cut C's price target to $70 from $80 earlier
Citigroup Inc (NYSE:C) is in focus today, after news that the bank plans to expand its withdrawal from Russia, after previously announcing plans to sell its consumer business there. Of the major U.S. banks, Citi had the largest presence in Russia, but has vowed not to pursue any new business in the country. Wells Fargo cut C's price target to $70 from $80 earlier, citing the company's exposure to Russia.
Citigroup stock has been underperforming on the charts, down 26.9% year-over-year. The descending 10-day moving average has guided C lower since early February. Up 1.7% at $55.06 at last check, the stock is still struggling to distance itself from its March 10, 15-month low of $53.96.
Now might be a good time to weigh in on C's next move with options. The stock's Schaeffer's Volatility Scorecard (SVS) sits at an 89 out of 100, meaning the security has exceeded option traders' volatility expectations during the past calendar year.