Citi price target raised to $63 from $61 at BMO Capital

BMO Capital analyst James Fotheringham raised the firm’s price target on Citi to $63 from $61 but keeps a Market Perform rating on the shares. The company reported a big credit and fees beat in Q1, but the firm’s out-year estimates are essentially unchanged, with higher fees that offset higher loan loss provisions, the analyst tells investors in a research note. Citi is now two years into its three- to five-year financial plan to achieve a sustainable 11%-12% RoTCE, but the capital markets have been “less cooperative than hoped”, BMO added.