UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Huntington Bancshares

In a report published Friday, Citigroup reiterated its Neutral rating on Huntington Bancshares

, and slightly raised its price target from $6.50 to $7.50. Citigroup noted, “At a recent competitor conference when HBAN was asked its thoughts about its appetite for M&A, it responded that although organic growth was the primary focus HBAN is also ‘focused on M&A.' HBAN said that they would look at acquisitions of banks in their Midwest footprint with ~$500 mm to $2.5 bb in size. On the 3Q12 conference call, we expect heightened focus around HBAN's position on M&A given the aforementioned comments and the recent acquisition of CRBC by FMER.” Huntington Bancshares closed on Thursday at $6.90.