UPDATE: Citigroup Ups Target to $45 on JP Morgan

Citigroup reiterates its Buy rating on JP Morgan

and raises its price target $3 to $45 on boosted estimates following the company's investor day. Citigroup says, "While JPM's analyst day did not change our view of its long-term 15-16% ROTE, we are raising our EPS estimates to reflect a more sanguine view on expense control in 2012, plus we are now looking for a slightly faster pace of mortgage/foreclosure related servicing costs over the next 3 years. This, combined with a slightly better expectation of recent strength in 1Q12 Fixed Income Trading revenues, led us to raise our 2012 estimates from $4.40 to $4.90 (vs $4.67 cons), increase 2013 from $5.00 to $5.60 (vs $5.37 cons) and boost 2014 from $5.50 to $6.20 (vs $5.86 cons)." JPM closed at $39.21 a share on Tuesday.