On Tuesday, Bernstein Research downgraded shares of Citigroup C from Market Perform to Outperform and raised the price target from $52 to $57.
Analyst John McDonald's upgrade is based on:
Market News and Data brought to you by Benzinga APIs- Heightened confidence in Citi's ability “to improve efficiency and get on a path to 0.90% ROA.”
- Market expectations have been adjusted “to a one-year CCAR delay.”
- Belief that Citi “can address the Fed's stress test concerns during 2014 and begin returning a significant amount of excess capital over the next several years.”
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