UPDATE: Credit Suisse Reiterates Outperform Rating, Raises on Citigroup on Sources of Opportunity from Continued Growth in International Markets

In a report published Tuesday, Credit Suisse analyst Moshe Orenbuch reiterated an Outperform rating on Citigroup C, and raised the price target from $60.00 to $65.00. In the report, Credit Suisse noted, “Continued growth in int'l markets will provide a source of revenue opportunity at attractive returns. Int'l markets, including emerging mkts have had faster growth and command higher valuations than the U.S. Our sum-of-the-parts analysis yields a total value of $66-69 for Citigroup with $59-61 of value derived from Citicorp and $7-8 of value in Citi Holdings. We are raising our price target to $65 (from $60) or 11.6x 2014 EPS and 1.1x fwd TBV.” Citigroup closed on Monday at $48.51.