Keefe, Bruyette & Woods analyst David Konrad raised the price forecast for Citigroup, Inc. (NYSE:C) to $118 from $112, while maintaining an Outperform rating.
Recent Earnings
This week, the bank reported third-quarter revenue of $22.09 billion, up 9% year over year and comfortably ahead of expectations.
The bank saw strong performances across Markets, U.S. Personal Banking and Investment Banking.
Citigroup expects fiscal 2025 revenue to be higher than its prior estimate of $84 billion, compared to the analyst consensus estimate of $84.95 billion.
Also Read: Citigroup Analysts Increase Their Forecasts Following Strong Q3 Earnings
Analyst’s View
The analyst writes that Citigroup’s turnaround remains on track, with ROTCE target of 10%–11% for 2026 appearing increasingly achievable amid steady business progress and a supportive regulatory backdrop.
The upcoming 2026 Investor Day on May 7, combined with the upbeat tone from today's call, could eventually refocus attention on the higher 11%–12% ROTCE goal (KBW estimates 10.9% for 2027), adds the analyst.
Estimates Raised
The analyst raised the EPS estimates by 5% to $8.10 (from $7.74) for 2025, following the third-quarter of 2025 beat.
Konrad also increased 2026 EPS estimates by 2% to $9.90, and 2027 estimates by 3% to $11.90 on stronger revenue expectations.
Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO).
C Price Action: Citigroup shares are up 1.44% at $97.65 at publication on Friday.
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