UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Wells Fargo & Co. Following 3Q13 EPS Report

In a report published Monday, Citigroup analyst Keith Horowitz reiterated a Neutral rating on

, and raised the price target from $45.00 to $46.00. In the report, Citigroup noted, “WFC reported 3Q13 EPS of $0.99, inline with our estimate and $0.01 ahead of consensus. Core results looked especially weak (5% y/y decline in core revenues vs a 1% increase in core expenses) due to a tough quarter in mortgage where there was significant drop-off in revenues and a lag on rightsizing of expenses. Core EPS came in at $0.86 with a net $0.14 benefit coming from a loan loss reserve release and tax benefit that helped fill the hole in 3Q. The stock ended the day flat, and underperformed the BKX by ~45 bps. While we do not see a robust pickup in 4Q, underlying trends should start to look a bit better.” Wells Fargo & Co. closed on Friday at $41.43.