JPMorgan upgrades Citi to Overweight on solid economy into 2026

JPMorgan upgraded Citi (C) to Overweight from Neutral with a price target of $124, up from $107. JPMorgan believes the lager cap banks should benefit from solid economy, strong markets, and favorable regulatory environment in 2026, “which should counter some uncertainty.” The firm says Citi will benefit more than peers from a solid economy and strong markets-related activity in 2026. Citi will also benefit from its further transformation and is making progress on consent orders, the analyst tells investors in a research note. JPMorgan thinks Citi’s profitability will improve over time with an increase in return on tangible common equity above peers.