BUZZ-Citigroup rises as J.P. Morgan upgrades to 'overweight'

Reuters12-12
BUZZ-Citigroup rises as J.P. Morgan upgrades to 'overweight'

** Shares of Citigroup C.N rise 1.4% to $113.47 in trading before the bell

** J.P. Morgan upgrades Citi to "overweight" from "neutral," citing improvement in profitability over time

** The brokerage expects Citi to benefit in 2026 from a firm economic backdrop and strong markets activity, helped by its concentrated revenue base

** J.P. Morgan expects these factors to contribute in the increase in RoTCE over time, more than peers

** The measure of how well the bank uses capital to generate profit is known as RoTCE - return on tangible common equity - and is a key metric of profitability in the banking sector

** Nineteen of 23 brokerages rate the stock "buy" or higher and 4 "hold"; their median PT is $116.50 - LSEG

** As of last close, shares of the bank have gained nearly 59% YTD, outperforming the broader index

(Reporting by Pritam Biswas in Bengaluru)

((Pritam.Biswas@thomsonreuters.com))

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