Buying Citigroup?

[joepa66]

NEW YORK (TheStreet) --

Citigroup(C) slumped on heavy volume in extended trading on Monday after the U.S. Treasury Department said it's begun selling the final 2.4 billion shares of its bailout-related stake in the company.

The Treasury received 7.7 billion common shares in exchange for a $25 billion preferred stock investment made in the fall of 2008. So far, the Treasury has sold 5.3 billion shares in "at-the-market" sales.

The stock was last quoted at $4.35, down 2.3%, on volume of 140.1 million, according to Nasdaq.com. Based on a regular session close at $4.45, the shares were up 34.4% so far in 2010.

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Analysts are saying that Citigroup will jump to $6-7 per share immediately after the government sells its remaining shares. Is this a great opportunity and will Citigroup finally breakout. Do you have plans to jump on board?

[joepa66]

At close today:

CITIGROUP INC
Price: 4.6875 +0.0475 +1.02%


S&P MAINTAINS BUY RECOMMENDATION ON SHARES OF CITIGROUP
Tuesday 12/07/2010 8:55 AM ET - Standard & Poor's Research Notes

The U.S. Treasury announces it will sell the remaining 2.4B common shares of C it currently holds. Treasury has already sold 5.3B of the 7.7B shares received in exchange for $25B TARP '08 infusion, but still holds warrants on common stock. We view this news positively for C, as Treasury restrictions on C' pay and capital decisions may loosen shortly. We think C is steadily improving credit quality, paring non-strategic assets, and growing core revenues. We raise our target price by $1.00 to $6.00 based on a slight premium to peers 13.3X our unchanged '11 EPS estimate of $0.45.

[The Mailman]

It's hard to trust a co. that's punched ya in the mouth before.