Keefe Bruyette ups Citi target, names a top idea for 2025

Keefe Bruyette raised the firm’s price target on Citi (C) to $85 from $82 and keeps an Outperform rating on the shares. The firm also named Citi one of its top ideas for 2025, citing the stock’s valuation, which it notes is trading at a 30% discount to peers on price-to-earnings and “only” 79% of current tangible book value. The key to the stock is near-term catalysts, including Citi’s potential increase in revenue due to the improved environment for investment banking and trading, and potential earnings upside relative to peers should Basel III Endgame not be implemented, the analyst tells investors in a research note. Keefe adds that Citi has the most upside to earnings in its “Blue Sky analysis.”