Quick Take on 2Q26 Earnings Result: Can You Take Me Higher?

研报英文原文证据摘录

Quick Take on 2Q26 Earnings Result: Can You Take Me Higher?

Idea

July 15, 2026 04:02 AM GMT

Morgan Stanley & Co. LLCMCitigroup Inc. | North America Manan Gosalia

Equity Analyst

Quick Take on 2Q26 Earnings Manan.Gosalia@morganstanley.comRyan Kenny, CFA +1 212 761-4092

Ryan.Kenny@morganstanley.com +1 212 761-1664

Result: Can You Take Me Connell J Schmitz

Research Associate

Connell.Schmitz@morganstanley.com +1 212 761-6252

Higher?

Citigroup Inc. (C.N, C UN)

Top Pick

Reaction to earnings Large Cap Banks | United States of America

Unchanged Modest upside Modest revision lower Stock Rating Overweight

Impact to our thesis Financial results versus consensus Direction of next 12-month Industry View Attractive

consensus EPS Price target $164.00

Source: Company data, Morgan Stanley Research Shr price, close (Jul 14, 2026) $133.27

Mkt cap, curr (mm) $228,108

Market was disappointed the FY26 guide was not moved higher 52-Week Range $147.90-86.23

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

despite 1H26 strength, as Citi plans to pull forward investments

EPS ($)** 8.07 11.18 13.12 15.59

to play offense. Today's selloff provides an attractive entry point, Prior EPS ($)** - 11.13 13.09 15.56

P/E 14.5 11.9 10.2 8.6

as management actions in 2H26 could mean reaching medium- EPS ($)§ 7.56 10.95 12.66 14.52

term targets sooner. Div yld (%) 2.0 1.9 2.1 2.3

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

Our Key Takeaways: ** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

• Near-term EPS estimates moving lower despite 2Q beat, as unchanged

Quarterly EPS ($)

FY26 guide implies 2H declines. Citi delivered a 14% EPS beat with its best 2026e 2026e 2027e 2027e