Piling On Citi

Yesterday I noted the 2nd major downgrade on Citigroup in a week. Now we have a third. From marketwatch.com:

Punk Ziegel trims Citigroup Q1 EPS outlook

Punk Ziegel analyst Dick Bove on Wednesday trimmed his first quarter earnings outlook for Citigroup Inc (C) to account for the likelihood of sizable write-offs in the period. "It now appears that Citigroup may lose $1.42 per share in the quarter. This will bring down 2008 results to an estimated $0.50 per share," Bove said in his report. Bove said his target price on the stock remains $34 per share and the rating stays at a buy.

Get geared up for 1Q08 writedown season, I mean earnings season.