Shares in Citigroup Inc., the third-biggest U.S. bank, could increase by about 33 percent in 12 months as the lender reduces unwanted assets and management cuts costs, according to Brennan Hawken, an analyst at UBS AG.
The stock may rise as the New York-based lender reduces the amount of money it holds against distressed assets in the Citi Holdings division while losses from the unit also decline, Hawken wrote in a note to clients Monday, upgrading his rating to buy from neutral. Shares could increase to $62 within a year, Hawken said, 33 percent more than its closing price on Friday of $46.68.
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