UPDATE: Credit Suisse Raises PT on Citigroup Following 1Q13 Report

In a report published Tuesday, Credit Suisse analyst Moshe Orenbuch reiterated an Outperform rating on Citigroup C, and raised the price target from $50.00 to $53.00. In the report, Orenbuch noted, “Citigroup reported 1Q'13 net income of $3.8 billion or EPS of $1.23. Adjusting reported results for CVA/DVA, operating EPS of $1.29 came better than Credit Suisse operating EPS estimate of $1.17 and the Street at $1.19. We are revising our 2013 EPS estimate to $4.90 (from $4.75) to reflect the earnings beat this qtr. We are increasing our 2014/15 estimates to $5.50/$5.80 (from $5.35/$5.65), to reflect and slightly lower expense and a lower provision run-rate as we increased our forecasts for the pace of reserve drawdowns in LCL. We are increasing our price target to $53 (from $50) which reflects 10.8 times 2013 earnings and 0.9 times fwd TBV.” Citigroup closed on Monday at $44.87.