UPDATE: Citigroup Raises PT to $37 on Wells Fargo on Rolling Estimates

Citigroup reiterated its Neutral rating on Wells Fargo

and increased its price target from $35 to $37. Citigroup commented, "We raise our target price to $37 mostly due to rolling forward our valuation model, and we continue to value Wells on our 3-year return estimates and a gradual fade to our 18% long term ROTE assumption for Wells in a normalized rate environment. Given our view that WFC is one of the more crowded longs in the group and our belief that there is a downside bias to EPS estimates, we prefer to remain on the sidelines and wait for bet ter entry point." Wells Fargo closed at $34.33 on Wednesday.