UPDATE: Citigroup Raises PT to $32 on BB&T Following Earnings Preview

Citigroup raises its price target from $32 to $32 on BB&T BBT as it raises estimates, but reiterates its Neutral rating on what it believes is a full valuation on shares. Citigroup says, "After reviewing our model and baking in some of the positive operating leverage we saw in 1Q, we are raising EPS estimates for 2012 and 2013 by $0.10, and by $0.15 for 2014. Our 2013 EPS estimate of $2.90 is roughly $0.10 below consensus, but we can see a reasonable path to hitting consensus in 2013 if BB&T executes, but find it harder to see substantial upside from there." BBT closed at $31.64 on Monday.