Citi price target raised to $118 from $111 at Goldman Sachs

Goldman Sachs analyst Richard Ramsden raised the firm’s price target on Citi (C) to $118 from $111 and keeps a Buy rating on the shares. The firm cites the company’s Q3 core earnings beat driven by stronger net interest income and a lower core efficiency ratio than the Street had expected on stronger core fee revenues, the analyst tells investors in a research note. Goldman Sachs also sees improvement in the net credit loss – NCL – rate in both credit card portfolios, and maintained the full year guide of an average NCL rate of 3.50%-4.00% for Brand Cards and 5.75%-6.25% for Retail Services, the firm added.