Citi shares climb as Berkshire reveals new $3 billion stake
(Reuters) -Citigroup Inc's (C) shares rose nearly 8% after a new
Berkshire built its stake in Citigroup (C) in the quarter ended
The shares have slumped 38% over the past 12 months, the most among major
"Citi is one of the cheapest stocks in the market," said
"With Buffett 'blessing' it, it should finally get the interest it deserves and attract some buying interest in coming weeks and months."
Citi, which lags the financial performance of its peers, is undergoing an overhaul led by Chief Executive Officer
"The (Berkshire) investment seems like it gives validation to CEO
The latest investment takes Berkshire's interest in Citi to 2.8%, making it the fourth largest shareholder, according to Refinitiv data.
Investing in so-called value stocks - assets trading below their intrinsic value - has a broad following and
Berkshire also exited its 33-year-old investment in Wells Fargo & Co.
(Reporting by