Wells Fargo Reiterates Overweight Rating on Citi (C)

Wells Fargo analyst Mike Mayo reiterated an Overweight rating and $85.00 price target on Citi (NYSE: C).

The analyst comments "Unique moats. There are few other banks (ex-JPM) that can challenge Citi in global payments (most of this LOB), which is akin to checking accts for large corporations where it ranks #1, incl moving $4T per day in 95 countries w/140 currencies for 5K multinationals. Growth is aided by the need of clients for cyber-safe partners, new outsourcing needs, and greater digitization. Indeed, it's seen by many as a premium global partner during turbulent times and grew deposits by 1/5th through the GFC."

For an analyst ratings summary and ratings history on Citi click here. For more ratings news on Citi click here.

Shares of Citi closed at $59.33 yesterday.

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