Citibank- Goldman Sachs

We have removed the NR designation from Citigroup shares. We reinstate
a Neutral rating on Citigroup with a 12-month price target of $3.50. The
first phase of Citigroup’s restructuring is now complete with capital and
liquidity levels higher than at its peers. With leverage significantly
reduced, the “trade to tangible book” looks tempting. That said, we
reinstate our rating on Citigroup at Neutral as (1) near-term earnings
power remains weak, (2) the stock offers less “provision leverage” than
pure US plays, and (3) The government stake likely caps near term upside.

FULL REPORT HERE