Citigroup Inc (C) said earlier this week that interns would be offered full-time positions. The bank also said that the new class of summer internship program would be delayed to July 6th due to the coronavirus pandemic.
Citigroup shares closed higher for a fourth consecutive trading session in New York on Thursday. The stock went up 7.12% ($3.15) to $47.41, after touching an intraday high at $49.22, or a price level not seen since March 13th ($51.24).
Shares of Citigroup Inc have retreated 40.66% so far in 2020 compared with a 13.65% loss for the benchmark index, S&P 500 (SPX).
In 2019, Citigroup Inc’s stock went up 53.46%, thus, it outperformed the S&P 500, which registered a 28.88% gain.
Internship classes will probably be conducted virtually, while intern compensation will remain without change, Citi said.
Citi interns located in New York, London, Hong Kong, Singapore and Tokyo will be offered a full-time job after completing the internship program, the bank also said.
Analyst stock price forecast and recommendation
According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $60.00, with a high estimate of $100.00 and a low estimate of $45.00. The median estimate represents a 26.56% upside compared to the closing price of $47.41 on April 9th.
The same media also reported that at least 18 out of 25 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.