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Positive Analysts Reports on Citigroup and Fifth Third Not Enough to Help the SPDR KBW Bank ETF
By Market News Video Staff, Monday, October 25, 11:37 AM ET
Before the markets opened, Goldman Sachs added Citigroup to its Conviction Buy list as they expect the overhang from the Treasury sale to be eliminated by mid-2011. With the overhang gone, Goldman expects shares to rally as high as $5.50 over the next twelve months. Also hearing praises sung today was Fifth Third Bancorp. The bank saw its EPS estimates raised by Morgan Stanley through 2012 as balance sheet improvements should lead to better earnings.
But despite positive analyst reports on Citigroup (NYSE:C) and Fifth Third Bancorp (NASDAQ:FITB), shares of the SPDR KBW Bank ETF (AMEX:KBE) are trading modestly lower on Monday morning. Citigroup and Fifth Third account for approximately 15% of the total ETF, with Citigroup having the highest weighting. For a full list of holdings in the SPDR KBW Bank ETF, visit the KBE Holdings page.
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