Goldman Sachs Upgrades Citi (C) to Buy, Downgrades Bank of America (BAC)

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Goldman Sachs upgraded Citi (NYSE: C) from Neutral to Buy with a price target of $36 (up from $35), as they downgraded Bank of America (NYSE: BAC) from Buy to Neutral with an $8 price target. The firm sees greater upside in C's shares from here.

Specifically, Goldman sees a clearer path to capital returns at Citi with a potential 4.3% effective yield in 2012E. They also see greater execution risk at BAC over the next 12-18 months.

For an analyst ratings summary and ratings history on Citi click here. For more ratings news on Citi click here.

Shares of Citi closed at $30.87 yesterday, with a 52 week range of $4.34-$45.12.

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