JPMorgan has updated its price target for Citi (C, Financial), increasing it from $75 to $87.50 while maintaining a Neutral rating on the company's shares. This adjustment is part of their second-quarter outlook for large-cap banks. The firm highlights that Citi's recent strong performance can be attributed to optimism surrounding continued economic growth and potential regulatory advantages, including some easing in capital requirements.
In the short term, JPMorgan predicts that large bank stocks, including Citi (C, Financial), will trade within a tight range. This anticipation is based on "moderate fundamentals" coupled with relatively high valuations in the market.
