Piper Sandler upgrades Citi to Overweight, raises price target to $63

As previously reported, Piper Sandler analyst R. Scott Siefers upgraded Citi to Overweight from Neutral with a price target of $63, up from $56. The firm notes that the past couple weeks have unfortunately given investors some reasons to disengage from the space. While the group’s narrative now has at least some newer questions, Piper believes Citigroup’s unique story remains intact. Though the turnaround will likely have some bumps along the way, the firm likes CEO Jane Fraser’s more targeted view of the company, believes cost flexibility should support the overall outlook, and thinks the group’s recent pullback has created a more attractive entry point for the shares.