Citigroup (C) Could Rise to $6.50 in Next Year; Buyback Possible

Things have improved for Citigroup Inc. (NYSE: C) since the near collapse during the financial crisis, and FOX Business Network's Charlie Gasparino is reporting that sources on Wall Street see shares of the bank rising from $4.50 to $6.50 in the next year or so.

The bank is now known as the hedge fund hotel, according to Gasparino, as over the last year and half money from hedge funds are pouring into this stock.

"People are betting that this is a $6.50 stock. This is (John) Paulson. This is Bill Ackman. Those who bet against Citigroup during the financial crisis are now jumping in."

Gasparino sees the big international presence and fewer credit losses helping the stock, which could go to $6.50 per share.

The stock may also see a boost as the firm may buyback some shares, according to the FOX reporter.

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