Citi expects its shares to increase two times in 3 years

According to weekly Barron`s, Citigroup Inc shares could more than double by 2012. Citi stock could hit $4 within a year and $6.50 by 2012 but it would be "hard-pressed" to approach $10 in coming years, the weekly newspaper said in its July 27 edition, citing the company's global footprint and earnings power. The company's appeal is largely based on the fact it is trading at 65 % of its project tangible book value of $4.25, a sharp discount.

Citi shares closed at $2.77 on Friday, an 88 % drop from its 52-week high of $23.50 in October.

Citi has taken $45 billion in bailouts from the U.S. Treasury's Troubled Asset Relief Program. But it has been given no timeline for repaying its loans, although competitors such as Goldman Sachs Group Inc and JPMorgan Chase & Co repaid billions to Treasury last month.