Citigroup rises after deal to sell 25% stake in Banamex for $2.3 billion
** Wall Street bank Citigroup's C.N shares rise 1.1% to $102.80 premarket
** C late Wednesday announced deal to sell 25% stake in Grupo Financiero Banamex to Mexican billionaire Fernando Chico Pardo for $2.3 billion, marking another step toward its plan to take the unit public
** Brokerage Piper Sandler says the stake sale is an important step forward as the Mexican unit separation represents one of the last big items on the bank's simplification "to do" list
** C has been working on the Mexican consumer unit separation for some time, having previously pursued a so-called "dual track process" before deciding to pursue IPO
** Truist analyst John McDonald says Banamex IPO timing could likely be pushed out to late 2026 assuming the flotation process begins after the stake sale is completed
** 17 of 23 brokerages rate the stock "buy" or higher and 6 "hold"; median PT $107 - data compiled by LSEG
** As of last close, C stock up 44.4% YTD
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