I was checking around financial website on this nice labor day weekend and I stumbled upon an interesting video from thestreet.com. It was about Citigroup (C) and how analysts aren't very found of it at the moment. The best example of this nonsense is analyst Michael Mayo. He is upset with Citigroup because the company has declined to meet with him. Now Mayo is accusing Citigroup of not meeting with him because he is bearish on the stock. This is all just ridiculous and a waste of time.
The important aspect of Citigroup is that a number of hedge funds are reportedly cashing out of Bank of America (BAC) and buying up Citigroup shares. The reason is Citigroup is currently restructuring its banking services here in the US, as well as expanding their business into China. Citigroup plans to double its workforce in China over the next couple of years.
Its this aggressive expansion that has hedge funds buying up the $4 stock. Its going to take some time for its US business to rebound but in the mean time, its international business is doing very well. Invest Chief recommends a buy for Citigroup and we expect the stock to double buy the end of 2011.
Disclaimer: Invest Chief is not held accountable to any loses sustained by stocks recommended. It is always important to do your own research of the stock before you invest. Invest Chief receives absolutely no compensation from companies that are recommended. We are a private organization, dedicated to promoting financial well being and prosperity.
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