Citigroup (C) shares tumbled 5.10% in pre-market trading on Thursday, as the banking sector faced a broad sell-off and JPMorgan Chase lowered its price target on the stock. The decline comes amid a challenging environment for major U.S. banks, with several financial institutions experiencing significant drops in their stock prices.

The banking sector was under pressure, with JPMorgan Chase down 3.2%, Goldman Sachs down 4%, Wells Fargo down 4%, Bank of America down 3.1%, and Morgan Stanley down 4.1%. This widespread decline suggests broader concerns affecting the financial industry as a whole.

Adding to Citigroup's woes, JPMorgan Chase adjusted its price target on the stock to $75.50 from $85.50, while maintaining a neutral rating. This downward revision likely contributed to investor concerns about Citigroup's near-term prospects. Meanwhile, Oppenheimer also adjusted its price target on Citigroup to $110 from $116, although it maintained an outperform rating on the stock.

As major U.S. banks prepare to report their first-quarter 2025 earnings in the coming weeks, investors will be closely watching Citigroup's performance. Analysts expect Citigroup to report first-quarter revenue of $21.34 billion, up 1% year-over-year, with an adjusted net profit of $3.55 billion, up 5%. The bank's ability to defend its pre-provision net revenue against a weaker revenue environment and its pace of share buybacks will be key focus areas for investors.