UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Wells Fargo & Company

In a report published Friday, Citigroup reiterated its Neutral rating on Wells Fargo & Company

, and slightly raised its price target from $34.00 to $35.00. Citigroup noted, “We expect WFC to report 3Q EPS of $0.89 vs consensus of $0.86. We estimate core PTPP of $10.2 bil for 3Q12 vs $9.8 bil in 2Q, on stronger mortgage banking revenues and continued expense control. We raise our 2013 EPS est 10c to $3.55 vs consensus of $3.66 on expected stickier gain on sale margins. We trim our 2014 est by 5c to $3.60 vs consensus of $4.06 due to the impact of a lower interest rate environment. We raise our price target to $35 from $34 on a lower cost of equity 12.2% vs 12.5% prior due to a lower beta of 1.27 vs 1.31 prior.” Wells Fargo & Company closed on Thursday at $34.76.