UBS started Citigroup Inc as a Sell in a Wednesday initiation of large-cap banks, telling investors the institution is not as well-positioned as competitors to benefit from positive trends in the industry.UBS set a price target of $58 for Citi and placed it third from the bottom in its coverage of 11 large-cap American banks.Citi’s exposure to potentially positive trends such as lower taxes, rising interest rates and economic growth is thinner, UBS said, while its exposure to the risks of protectionism and international markets is more substantial, the report said.Rating, Price Target JustificationsThe price target of $58 assumes growth in loans and interest earning assets in the low single digits, a stable tax rate and rising short-term interest rates, UBS said.“Ultimately, though the capital optimization story is attractive, our forecasts incorporate [returns on equity] below Citigroup’s cost of equity,” Wednesday’s report said.Citi’s foreign holdings — including the Mexican bank Banamex and properties in Asia — are not as well-positioned as most businesses in the international and emerging markets, according to UBS.If Banamex doesn’t catch up with other Mexican banks, UBS said, “Citigroup could eventually face a decision about whether the business is worth more to somebody else than itself.”Latest Ratings for C DateFirmActionFromToJan 2017UBSDowngradesBuySellJan 2017Standpoint ResearchDowngradesBuyHoldDec 2016Atlantic EquitiesUpgradesNeutralOverweightView More Analyst Ratings for C View the Latest Analyst Ratings