Morgan Stanley Upgrades Citi (C) to Overweight

Morgan Stanley upgraded Citi (NYSE: C) from Equal Weight to Overweight.

The firm said Citigroup is rolling-off non core assets quicker than expected, which could lead to significant capital returns.

The Citi Holdings wind-down frees up $19 billion through 2014, which may go toward buybacks starting in 2012. The analyst sees 49% of current market cap returned to shareholders through 2014.

Citi's 1-for-10 reverse stocks split occurs today.

For more ratings news on Citi click here and for the rating history of Citi click here.

Shares of Citi closed at $4.48 yesterday.

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