UPDATE: Keefe, Bruyette & Woods Reiterates On Citigroup Following 3Q14 Results

In a report published Wednesday, Keefe, Bruyette & Woods analyst Brian Kleinhanzl reiterated a Market Perform rating on Citigroup Inc (NYSE: C), and raised the price target from $52.00 to $54.00.

In the report, Keefe, Bruyette & Woods noted, “Citi posted a solid quarter for 3Q and delivered a fairly clean top-line beat. The company built legal reserves in the quarter and this partially offset the revenue beat. Overall, we looked for meaningful improvement in Cards and lower litigation risks, but results only met our expectations here. We are modestly raising EPS estimates in 2015 and 2016 and raising our price target to $54 from $52. We reiterate our Market Perform rating as we still do not view risk/reward as favorable based on C's current share price and our current price target.”

Citigroup Inc closed on Tuesday at $51.47.