美银证券发表报告指,花旗集团在业绩电话会议指引第三季最少40亿美元回购,高于首季及次季的17.5亿及20亿美元,市场反应正面。纵使管理层没有作更长期指引,该行认为花旗每季40亿美元回购为可持续,意味全年计回购额等同一成市值。该行指,花旗普通股权一级资本比率(CET1)截至第二季达13.5%,高于监管下限的11.6%,墨西哥分支上市或出售将进一步提振未来一至两年资本灵活性,料花旗维持每季40亿美元回购至明年。
该行又指,花旗CEO范洁恩在电话会议中表示来年有形普通股权回报率(ROTCE)10%至11%目标不是终点,该行相信市场对花旗显著改善ROTCE应推动价值重估,对花旗目标价由105美元上调至107美元,重申“买入”评级。
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