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Fly News Breaks for March 4, 2015
COST, C
Mar 4, 2015 | 11:34 EDT
Morgan Stanley believes Citi's (C) sale of OneMain for $4.25B and its new co-brand partnership with Costco (COST) imply when taken together that the bank is substituting OneMain's higher risk assets with the Costco portfolio, which has a lower yield, risk and RWA, which will be viewed favorably by regulators. The firm think's Citi's actions shows regulators it is serious about de-risking its balance sheet and Morgan Stanly expect Citi to be approved to make a strong buyback announcement next week. The firm has an Overweight rating on Citi shares and sees potential upside to its $60 price target if capital freed from the OneMain sale is returned to shareholders.
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