Citi - Post Investor Day Model Update

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Citi - Post Investor Day Model Update

Truist Securities

Equity Research Report May 14, 2026

FINANCIALS: Universal Banks Citigroup Inc. (C)

Citi - Post Investor Day Model Update John McDonald

212-303-4179

John.McDonald@truist.com

Following the company's investor day last week, we refresh our Citigroup model for

management's updated near-term targets and introduce new 2028 estimates. We maintain

Peter Nicolo our '26/27 EPS estimates at $11.05 and $12.65, with our new '28 EPS estimate of $14.55 212-303-4141

Peter.Nicolo@truist.com reflecting 15% YoY growth and a 12.5% ROTCE (towards the high end of the 11-13% target

range). Our price target is unchanged at $147 and based on a ~10x P/E to our '28E EPS

and ~1.3x YE'27E TBV/share. John Manahan

212-303-4158

John.Manahan@truist.com Our model assumes 3% annual revenue growth for 2027-2028 and ~200bps of annual

positive O/L that drives efficiency ratio improvement to 58%, down from ~60% this year.

Excluding Legacy Franchises, our 2028 efficiency ratio estimate is 57%, right at the midpoint

Stock Rating BUY of Citi's 55-60% guide for the next two years. On revenues, we model Services and Banking revenue CAGRs that are towards the upper end of Citi's near-term target ranges, in line for Unchanged

Consumer Cards, towards the lower end for Markets, and well below the range for Wealth

Price Target $147.00 (7% modeled vs. low teens target CAGR). Our efficiency ratio and noninterest expense

Unchanged estimates benefit from the reduction of $1.6b in transformation spending in the Corporate

segment by YE'28 (consistent with guidance), and continued reduction in stranded costs

from prior international exits (modeled 15% remaining in 2028).