UBS analyst Brennan Hawken on Monday upgraded Citi to a "buy" rating from a "neutral" rating, with an aggressive price target of $62.00. The analyst in a report called Citigroup "a story with legs," and said Citi Holdings "could free up over $10 billion in trapped capital in just the next two years." Hawken added that Citigroup's $55 billion deferred tax asset"will release copious capital over time and we found none of that accretion is priced in today."

Citi's shares were down over 1% to close at $46.95. The shares have returned 19% this year, following a 51% return in 2011. The shares trade for 0.9 times their reported Dec. 31 tangible book value of $51.19, and for 9.0 times the consensus 2014 earnings estimate of $5.22 a share, among investors polled by Thomson Reuters. The consensus 2013 EPS estimate is $4.65.

C Chart C data by YCharts

Interested in more on Citigroup? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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