Wells Fargo raises Citigroup (C +3.2%) to Outperform from Market Perform, citing improved...

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

Wells Fargo raises Citigroup (C +3.2%) to Outperform from Market Perform, citing improved operating leverage, increased capital flexibility and repurchases, and a valuation near the bottom of its peers. The firm also lifts First Horizon (FHN +2%) to Outperform, as aggressive cost reductions should generate materially stronger pre-provision net revenue expansion than peers.