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Citi stock gains ‘sell’ rating

Tuesday, Sept. 3, 2002 | 11:09 a.m.

NEW YORK -- Citigroup Inc. stock today was cut to "sell" by Prudential Securities analyst Michael Mayo, who said lawsuits related to Enron Corp., potential defaults in Latin America and consumer loan losses will hurt earnings.

The rating is the only "sell" on the biggest financial services company, according to Bloomberg data. Citigroup is rated "buy" by 17 analysts and "hold" by three analysts.

The stock fell $1.87 to $30.87 in New York Stock Exchange composite trading this morning and is down 34 percent this year, the second-worst performance in the 24-member Philadelphia KBW banks index.

"The firm has not adjusted its hardball management style for the nature of its current problems," said Mayo in a report. "More substantive changes seem needed in our view."

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