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Wells Fargo analyst Mike Mayo says Citigroup is his top pick.
Wells Fargo's Mike Mayo raised Citigroup's price target to $160, suggesting 24% upside.
KEY POINTS
- Citigroup achieved 13.1% return on tangible common equity, surpassing its 10-11% target.
- 90% of Citigroup's restructuring is complete, leading to expectations of lower transformation costs.
- Citigroup has reduced global workforce by 10%, cutting about 20,000 jobs as part of its overhaul.
- First-quarter revenue of $24.63 billion beat consensus estimates by over $1 billion.
COMPANIES
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