Goldman Sachs maintained a Neutral rating on Citi (NYSE: C) with a price target of $54. Analyst Richard Ramsden commented on Citi's Q1 performance.

"C reported 1Q14 EPS of $1.23 vs. our estimate of $1.17, with core EPS of $1.54 vs. our like estimate of $1.36 (beat mainly on fee income in the Institutional Securities Group). We think investors will like today’s results (especially given how out of favor Citi was after failing CCAR) as: 1) capital market revenue beat guidance (seemingly on a better March in rates and currencies), 2) Citi’s core efficiency ratio improved 100bp yoy, 3) a 89bp ROA implies that Citi’s 90-110bp 2015 target is still in play if results continue to improve (even if its 10%+ ROTCE target is off the table post CCAR)," said Ramsden.

"Assuming expenses stay in check (both legal and core), 1Q’s earnings run-rate implies an achievable path to 2014 consensus of $4.75 which should provide support for shares," he added.

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Shares of Citi closed at $45.68 yesterday.