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Citi stock to double in 4-5 years, says Mike Mayo


(Reuters) - Citigroup Inc's stock price is likely to double in the next four to five years, banking analyst Mike Mayo wrote in his first note after joining Wells Fargo Securities.The Wall Street bank is expected to see the best improvement in return on equity (ROE) and cost of capital among its peers, according to Mayo, who joined Wells Fargo from CLSA Americas in June.Citigroup's shares had risen 4.1 percent this year through Wednesday's close.The lender's ROE will improve to about 9 percent in 2019 and 11 percent in 2021 from 7 percent in 2016, with the biggest potential driver being ...

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First Published: Thu, August 10 2017. 23:20 IST