Financial services provider Citigroup (C) has announced the expansion of its Cross-Currency Sweeps cash management solution across several European markets. The solution is now available in additional 14 countries across Europe.
The solution helps treasurers and finance teams to effectively manage cash positions across multiple accounts, countries and currencies.
The company’s global cash concentration network and foreign exchange (FX) capabilities aid businesses in managing FX and cash positions and immediately converting available liquidity into the currency of their choice. (See Citigroup stock charts on TipRanks)
The Global Head of Liquidity Management Services, Citi Treasury and Trade Solutions, Stephen Randall, said, “Managing liquidity in multiple currencies is often a manual process, with significant time taken up by forecasting, FX management and the movement of cash between accounts. Process inefficiencies can lead to excess cash buffers and operational challenges. This solution automates and streamlines multiple steps into one, helping clients optimize both efficiency and liquidity.”
Stock Rating
Following the news, UBS analyst Erika Najarian initiated a Hold rating on the stock with a price target to $67 (7.8% upside potential).
The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 5 Buys and 3 Holds. The average Citigroup price target of $81.13 implies 30.6% upside potential.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Citigroup is currently Very Negative, as the cumulative change in holdings across all 27 hedge funds that were active in the last quarter was a decrease of 6.2 million shares.
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