ValueAct’s Morfit says Citigroup is positioned for growth, sees higher share price
October 8, 2020
BOSTON (Reuters) – ValueAct Capital Management, a long-time investor in Citigroup Inc, called the company the best institutional bank in the world that is positioned for growth and said its share price could double in the near term.
“The upside is very compelling,” Mason Morfit, ValueAct’s chief executive officer and chief investment officer said about Citi, which his firm has owned since 2018, at the 13D Monitor Conference on Thursday.
He forecast the stock price, currently trading at $44.91, could jump to $80 in the near term and rise more to hit $150 over time.
(Reporting by Svea Herbst-Bayliss; Editing by Chris Reese)