"We were somewhat surprised/pleased by the magnitude," of Citigroup's (C +5.4%) anticipated...

|About: Citigroup Inc. (C)|By:, SA News Editor

"We were somewhat surprised/pleased by the magnitude," of Citigroup's (C +5.4%) anticipated savings, says Wells' Matt Burnell, reacting to the announced job cuts. He reiterates an Outperform, saying the move will accelerate the stock's run towards Citi's $53 in tangible book value.