After being beat up for the last 3+ weeks, C - Citibank seems to be bottoming out around $2.70.
I suspect down side pressure this week could still push it close to the $2.6 level, but I feel confident with C as a long term buy at these levels.
Citibank remains the one and only truly worldwide financial powerhouse. As such, they will be among the first ones to recover from these low price level. Earnings remain unclear, but a recent analyst's upgrade should be a good sign. Dilution of equity from the US government investment in the bank, though significant, will not prevent the stock to flirt with the 6$-8$ range at the first sign of improvement. That would signify a 200+ % return within a 12-18 months time frame.
This might be too much of a positive opinion on a beaten up stock/company, but at these levels, it is worth a look.
Next earnings 7/17 will be critical.
Face.
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