Reuters: Small Business News: Citigroup says cautious on U.S. small-, mid-cap cos

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Citigroup says cautious on U.S. small-, mid-cap cos May 22nd 2012, 10:24 Tweet Share this Email Print Related News UPDATE 1-Citigroup says cautious on US small-, mid-cap cos 6:16am EDT Related Topics Small Business » Euro Zone » A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. Credit: Reuters/Mike Segar Tue May 22, 2012 6:24am EDT (Reuters) - Citigroup said it has a cautious view on the U.S. small-and mid-cap companies on concerns over earnings pressure in the second half amid the euro zone crisis and the political uncertainty in the United States. Analyst Scott Chronert downgraded the small and mid-cap technology sector to "market weight", saying expectations for margin improvement for the group may be tough to meet even as valuations remain attractive. Chronert upgraded the health care and utilities sectors to "overweight" on valuation. The consumer staples sector was upgraded to "market weight" from "underweight" by the analyst, who noted that positive earnings estimate revisions have been on the rise for these companies. He maintained his "market weight" rating on consumer discretionary, industrials, materials, and telecom sectors, and an "underweight" on financials. The analyst added business process outsourcing provider Convergys Corp, biopharmaceutical company Amarin Corp and Great Plains Energy Co to his focus list, while removing ExlService Holdings Inc. The S&P MidCap 400 index closed at 925.63 points, while the Russell 2000 closed at 764.64 points on Monday. (Reporting by Aditi Sharma in Bangalore; Editing by Tenzin Pema and Maju Samuel) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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