Citi upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded Citi (C) to Outperform from Market Perform with a price target of $82, up from $70. Following a “meaningful lag” in shares relative to peers since October earnings, Citi’s valuation is “very compelling” at a 32% discount to peers and only 79% of tangible book value, the analyst tells investors. Though the stock has been historically cheap, the firm believes near-term catalysts – including a potential updraft in capital market revenues following the election and capital relief should Basel III Endgame get watered down – make the stock more attractive, the analyst added.