Citi ups Monte dei Paschi on potential of successful restructuring
** Citigroup raises Monte dei Paschi BMPS.MI to "buy" from "neutral" and ups PT by 13% to 6 euros saying the State-owned Italian bank's plan has shown the potential of a successful restructuring
** "Thanks to the positive effect of rising rates, capital injection, and management focus on the execution of turnaround, the group has now 18% CET1, plans to return around 50% of its market-cap in the next three years, and valuation is still below sector", says Citi
** The group, which was loss-making in 2022, posted on Tuesday upbeat Q2 earnings and upped its 2028 guidance
** Citi says the world's oldest bank still in operation could outperform the sector helped by the future capital returns, the potential for excess capital utilization and developments in the Italian M&A space
** At 0833 GMT shares in Monte dei Paschi rise 4.9% to 4.95 euros per share, extending Tuesday's gains
** They are up 52% YTD
** The bank is the top riser among its peers on STOXX 600 banks index .SX7P
Reporting by Luca Fratangelo
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