Argus raised the firm’s price target on Citi to $70 from $60 and keeps a Buy rating on the shares after its Q1 results. The firm is positive on the company’s significant changes in its organizational structure intended to support its business strategy and simplify the bank, stating that while its past restructurings have not noticeably improved return on equity, the latest round of changes, along with the company’s exit from a substantial number of noncore, non- U.S. businesses and geographic regions, represents “a new approach with a greater likelihood of success”. Citi’s improved capital position, focus on core businesses, and planned transformation should result in better ROE metrics, Argus added.
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