(Bloomberg) -- Mike Mayo is doubling down on his bullish call for Citigroup Inc.

The Wells Fargo & Co. analyst has already named Citi his top pick among big bank stocks for 2024, replacing JPMorgan Chase & Co. as his favorite. But he took it even further by saying he expects shares to more than double over the next three years as the bank undergoes a “metamorphosis.” 

Mayo’s base case is for the stock to rise to about $119 through 2026, which would mark a 131% advance from where it ended 2023.

“Investors repeatedly tell us - ‘Don’t talk to me about Citigroup!’” Mayo wrote in a note dated Jan. 1. “To us, this negative sentiment creates a more favorable setup for a potential double in the stock over 3 years.”

If shares rose above $100, that would mark its highest level since 2008, according to data compiled by Bloomberg. Citi rose 3.1% on Tuesday, outperforming bank stock peers.

The analyst’s bullishness comes from his positive stance on the restructuring taking place under Chief Executive Officer Jane Fraser. He already held an overweight rating on the stock, and in the latest note boosted his one-year price target to $70 — one of the highest marks on Wall Street — from $60. 

“Citigroup is becoming a much more simple and profitable firm, whose earnings should double over the next three years,” Mayo said in a Tuesday afternoon interview on Bloomberg Television. 

Read More: Fed-Up Fraser Turns to Downsizing to Cure Citi’s Painful Slump

More broadly, equity analysts are divided on what investors should do with Citi shares. While nearly a dozen who follow the company say to buy the stock, 17 say hold and one recommends selling, according to data compiled by Bloomberg.

Read More: Mayo Lifts Citi to Top Big Bank Pick Into 2024 Over JPMorgan

“Citi is undergoing its most significant restructuring in decades,” Mayo wrote. “We disagree with the many investors who say that Citi is unmanageable, unquantifiable, and/or un-investable.”

(Updates to add commentary from Bloomberg Television interview.)

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