Citi price target raised to $123 from $107 at Oppenheimer

Oppenheimer analyst Chris Kotowski raised the firm’s price target on Citi (C) to $123 from $107 and keeps an Outperform rating on the shares. The firm notes Citi’s Q2 earnings beat its and consensus estimates and the stock was up 3.7% on a day that the BKX was down 2.4%, but it still strikes us that the turnaround is relatively early in the going and the stock is still cheap. The beat this quarter came on total core revenues of $21.8B versus our $21.0B estimate, while expenses of $13.6B were fractionally below Oppenheimer’s expectations. This brought core pre-provision earnings of $8.3B versus the firm’s $7.4B estimate, while NCOs were $2.2B versus its $2.5B estimate.