Citigroup shares gain the most in eight weeks on Tuesday, Peter Crawley appointed as treasury and trade solutions head for Britain and Europe

According to a report by Reuters, citing a company memo, Citigroup Inc (C) has named Peter Crawley as head of its treasury and trade solutions (TTS) team for Britain and Europe, effective April 6th.

Citigroup shares closed higher for a second consecutive trading session in New York on Tuesday. It has also been the sharpest single-session surge since December 12th. The stock went up 1.82% ($1.37) to $76.50, after touching an intraday high at $77.27, or a price level not seen since January 30th ($77.54).

Shares of Citigroup Inc have retreated 4.24% so far in 2020 compared with a 2.07% gain for the benchmark index, S&P 500 (SPX).

In 2019, Citigroup’s stock went up 53.46%, thus, it outperformed the S&P 500, which registered a 28.88% gain.

Under the new appointment, Peter Crawley is expected to report to Ebru Pakcan, who heads Citi’s treasury and trade solutions team for Europe, the Middle East and Africa (EMEA). Crawley will continue to sit on the executive committee of TTS EMEA.

He will take responsibility for new business development, product innovation, client experience agenda and the financial plans delivery for treasury and trade solutions in Britain.

Prior to his new appointment, Crawley led Citi’s treasury and trade solutions team for Sub-Saharan Africa since 2013.

Meanwhile, Esther Chibesa has been appointed as the interim treasury and trade solutions head for Sub-Saharan Africa.

Analyst stock price forecast and recommendation

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $93.00, with a high estimate of $124.00 and a low estimate of $56.00. The median estimate represents a 21.57% upside compared to the closing price of $76.50 on February 4th.

The same media also reported that at least 19 out of 27 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 5 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

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