Citi remains top bank pick at Wells into ‘multi-year inflection’

Wells Fargo analyst Mike Mayo keeps an Overweight rating on Citi with a $70 price target following the company’s Q4 report. Citi’s “multi-year inflection” should reflect better efficiency and returns, and Wells sees the stock price doubling over three years, the analyst tells investors in a research note. The bank’s “worst-in-class” Q4 “should become best-in-class 2024 positive operating leverage,” contends the firm. Citi remains the analyst’s top pick in banks.