JPMorgan believes that rising profitability could boost shares of Citigroup . JPMorgan analyst Vivek Juneja upgraded the bank stock to overweight rating from neutral. Juneja’s new December 2026 price target of $124, up from $107, implies that shares could add 11% from Thursday’s close. “Valuation has improved from the lows and improvement in profitability will be the key driver to further upside — this is a multi-year journey for Citi,” Juneja wrote. C YTD mountain C YTD chart Heading into 2026, JPMorgan believes that Citigroup is one bank that should benefit from a solid economy, pickup in mergers and acquisitions activity and favorable regulatory environment. “As we look at 2026, we expect Citi to benefit from a solid economy and strong markets-related activity relatively more because of the concentration of revenues, plus continue to benefit from further transformation including improving efficiency ratio, making progress on consent orders, reducing stranded costs, and chipping away at DTA,” the analyst added. “These should continue to improve Citi’s profitability over time — [return on tangible common equity] should increase more than peers.” Juneja also noted the stock is cheap relative to peers. He pointed out shares trade at about 1.1 times tangible book value, a discount when compared with other major banks. Citigroup stock has climbed 59% this year. Shares rose more than 1% following the upgrade. Most analysts covering the stock are bullish. Of the 23 who cover it, 18 rate it a buy or strong buy, according to LSEG.
