UPDATE: Meredith Whitney Upgrades Citi

According to a research report published this morning, Meredith Whitney has upgraded Citi C from Underperform to Hold. In the report, Meredith Whitney commented, “Coincident with 1Q12 earnings, we are upgrading C shares to HOLD from UNDERPERFORM, as improving operating metrics and a still historically low valuation temper the probability of a significant absolute share price decline.” Citi is currently trading at $35.35.