Citi upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Citi (C) to Overweight from Equal Weight with a price target of $95, up from $70. Despite the recent run-up, large-cap banks can continue to outperform the market into 2025 as earnings growth accelerates, the analyst tells investors in a research note. The firm expects Citi “to amplify these drivers.” After hitting its revenue and expense targets in 2024, Barclays forecast continued improvement in 2025. It sees Citi’s valuation improving in 2025 and 26 the bank builds its return on tangible common equity from 7.2% year-to-date toward its 11-12% medium-term target.