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Citigroup: Credit Suisse raises target price

( - Credit Suisse has raised its target price on the Citigroup share to 83 dollars from 80 dollars, saying that the level of economic activity should drive business and capital markets activity, as well as credit quality migration.

The broker has set a 2021 EPS estimate of 9.65 dollars, a forecast that relies on moderating, but positive global GDP growth and a stable yield curve, Credit Suisse said in a research note.

Year-to-date, results evidence progress along the path to higher return on tangible common equity (ROTCE), meaning that the group's potential is not yet fully priced in, Credit Suisse said.

The broker has an "outperform" rating on the stock.

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