Citi price target raised to $65 from $60 at BofA

BofA raised the firm’s price target on Citi to $65 from $60 and keeps a Buy rating on the shares. The firm notes shares reacted positively to FY24 revenue/expense guidance. During the earnings conference call, CEO Jane Fraser and CFO Mark Mason reiterated confidence in delivering 4%-5% in annual revenue growth, while highlighting flex to mitigate any potential revenue shortfalls. This should provide comfort to the Street that Citigroup remains on track to achieving its medium term return on tangible common equity target of 11%-12%, BofA adds.