Citi price target raised to $87 from $72 at Argus

Argus analyst Stephen Biggar raised the firm’s price target on Citi (C) to $87 from $72 and keeps a Buy rating on the shares. The company’s Q4 results featured still sluggish lending revenues but a notable rise in investment banking fees, the analyst tells investors in a research note. Argus further contends that a more durable rebound in investment banking vs. false starts in recent years is currently underway.