Citi price target raised to $150 from $140 at BofA

BofA analyst Ebrahim Poonawala raised the firm’s price target on Citi (C) to $150 from $140 and keeps a Buy rating on the shares. Citi’s Q1 results and management messaging “only deepen our conviction” in naming the bank the firm’s top idea among the large-cap banks and on BofA’s Top 10 Ideas for Q2, the analyst tells investors. The firm is “increasingly confident” that at the upcoming investor day on May 7, Citi will likely frame a ROTCE target of about 15%, which should “serve as a catalyst for the next leg” of re-rating, the analyst added.