Citi (C) PT Raised to $82 at Deutsche Bank; Remains Positive

Deutsche Bank analyst Matt O\'Connor raised the price target on Citi (NYSE: C) to $82.00 (from $76.00) while maintaining a Buy rating.

The analyst commented, "Since we upgraded C to Buy in June, shares have outperformed the BKX by nearly 10% (and BAC/JPM by 400bps). This likely reflects the following: a strong capital distribution plan from the 2018 CCAR, more clarity/assurance around 2019/20 efficiency efforts, and market perception that mgmt changes reflect increased pressure/urgency to deliver on targets. We reiterate our Buy rating and raise our TP to $82, reflecting an increase in our target multiple from 11.0x to 11.4x, mostly due to increased confidence in efficiency efforts."

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