Shares of Citigroup (NYSE: C) are trading more than 4 percent higher on Monday despite the financial sector being down roughly 1 percent. The stock found strength following an upgrade by Goldman Sachs (NYSE: GS) to buy from neutral.
Goldman also upped its price target on the bank to $4.50 a share. The stock is trading a little above the $4 mark midway through Monday’s session.
The Wall Street bank said Citigroup, along with other national banks, should continue to benefit from active capital markets and improving consumer credit.
Big banks booked large profits in the first quarter from their trading activities, and with volatility kicking up in the markets recently that trend is likely to continue.
However, Goldman did cut its rating on Wells Fargo (NYSE: WFC) to neutral from buy.