Citigroup: Financial Winners and Losers

(Updated with final stock price moves, Citigroup's four-part note sale.)

NEW YORK (TheStreet) -- Citigroup (C Quote) was among the winners of the financial sector Tuesday after an analyst raised his stock price target for the bank by 62%.

Rochdale Securities analyst Dick Bove raised his price target on Citigroup stock to $6.50 from $4, saying that the reason is the "dramatic change" in Citigroup's structure which may lead to a higher price to pretax, pre-provision earnings multiple.

Bove said that, despite constant management changes, government ownership, the sale of several assets and the company's significant capital needs, Citigroup has "one of the most impressive top management teams in banking" and that it is actually winning some impressive mandates.

"The company has an attractive long-term future as an international bank with strong corporate, high wealth and payment services customers," Bove wrote in his research note. "This future will be funded by one of the most liquid balance sheets in banking."

Meanwhile, Reuters reported that Citi launched a $5 billion four-part government-guaranteed note sale, with pricing expected later on Tuesday, citing a market source. The notes are guaranteed under the Federal Deposit Insurance Corp's Temporary Liquidity Guarantee Program, the report said.

Citigroup shares finished the day higher by 13 cents, or 2.8%, at $4.70.

Among other analyst moves, FBR Capital Markets altered ratings and price targets on several financial institutions as the firm established a "proprietary framework that incorporates risk and reward" that "is meant to be used as a tool for evaluating opportunities for achieving relative outperformance in the bank space."