Bank of America: Downgrade Threat Loser (Update 3)

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Shares of Citigroup (C) declined 4% to close at $27.83. The shares have now returned 6% year-to-date, after dropping 44% last year.

Citi's shares trade for 0.6 times their reported March 31 tangible book value of $50.90, and for six times the consensus 2013 earnings estimate of $4.62, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is $4.09.

Credit Suisse analyst Moshe Orenbuch rates Ctigroup "Outperform," with a $48 price target, saying on Thursday that although the international "slowing trends concern investors, these markets (in aggregate) have had faster growth and command higher valuations that the U.S.," and that his firm's "sum-of-the-parts analysis of Citicorp's international segments based on current P/E and P/BV multiples for the regions, derives $45-50 of value for Citicorp's ongoing operations."