Citi: Bank returns unlikely to match where they have been

Citi: Bank returns unlikely to match where they have been. Citi analysts now have sell recommendations on all four of the major banks because they believe the lenders' share prices have been pushed beyond their underlying value. Analysts led by Craig Williams have downgraded their ratings on Commonwealth Bank and ANZ in the last week, after both banks handed down their first profit results of 2015. The analysts also downgraded Westpac late last month, while they have had a sell call on NAB since last April. A sell recommendation is a reflection of where the analysts believe the price should be. A note from equity strategist Tony Brennan said one reason for the downgrades was a belief that scope for future credit growth was limited, and competition for share was likely to threaten bank profitability. Ultimately, this points to banks' returns in coming years being unlikely to match what they've been, Brennan said. Read more: (VIEW LINK)