Citigroup is no longer the least-loved big bank stock on Wall Street. That honor now belongs to Morgan Stanley. Citigroup had held the lowest consensus rating among the six biggest US banks since May 2022. That changed this week when an analyst at HSBC shuffled his recommendations—upgrading Citigroup and lowering Morgan Stanley. “Citigroup is an attractive vehicle to gain bank exposure,” HSBC’s Saul Martinez wrote in a note, adding that the firm is “our preferred choice among large-cap banks.” Meanwhile, the majority of analysts now recommend investors hold Morgan Stanley, but not to add shares. No analysts give it a sell rating. Four of the biggest US banks are set to release earnings on Friday.
Among would-be issuers of spot Bitcoin exchange-traded funds, the race is already picking up speed. Invesco, Bitwise, Valkyrie and WisdomTree lowered the fees in their applications ahead of the US Securities and Exchange Commission’s highly anticipated decision on the Ark 21Shares Bitcoin ETF application.
Source: bloomberg.com
