Citi price target raised to $66 from $63 at RBC Capital

RBC Capital raised the firm’s price target on Citi to $66 from $63 and keeps an Outperform rating on the shares ahead of the company’s upcoming investor day. Citi has made significant strides in divesting the identified businesses with 9 of 14 franchises having been or about to be jettisoned, the analyst tells investors in a research note, also citing the company’s reorganization plan which the management expects to lead to over $2.0B billion in annualized cost savings. Citi is executing on its “Shrinking to Profitability” strategy, the firm adds, also noting that investors should come away with a much better understanding of how its Services and Securities Services will be key drivers for Citi to reach its medium term ROTCE goals.