Citi Initiates Coverage on U.S. Banks

In a note released Thursday morning, Citi analyst, Keith Horowitz, assumed coverage on a number of U.S. Banks with a Neutral rating. Although Horowitz says the potential upside outweighs the current downside risks, he sees little opportunity in the space and wrote, "We believe that the stocks are already discounting a faster ramp in rates than the bond market. The stocks are not sells, because clearly from a short term trading perspective they will trade as a proxy on rates." Below is a list of the new assumed banks with their respective price targets.