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Meredith Whitney Finally Getting Citi Story: Najarian

Top trader Pete Najarian sees potential in Citi . And now Meredith Whitney may be seeing it too.

“I’m already in it,” says Pete Najarian as he responds to news that top bank analyst Meredith Whitney has upgraded Citi to 'Hold' from 'Underperform'.

“It’s great to have her on board because she’s usually such as pessimist,” Najarian adds.

Whitney cites improving operating metrics and a still historically low valuation for her upgrade and says she was impressed by the rebound in FICC and equity trading. She believes these catalysts temper probability of significant absolute share price decline.

“She’s starting to sound a little like Dick Bove,” chuckles Najarian.

In an interview on March 28th, Rochedale Securities analyst Dick Bove told us, "Everything is going right" for banks, including loan growth, trading income, and pre-tax earnings.”

Bove has a buy rating on Citi.

Trader Josh Brown also likes Citi “I’m not in it,” he admits, “but when Citi finally gets the last of Smith Barney off its balance sheet, it should be a catalyst.”

Trader Simon Baker, however, just can’t get on board. “In this space, I like higher quality names such as JPMorgan and Wells Fargo,” he says.

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Trader disclosure: On April 17, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C; Pete Najarian is long C CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long MS; Pete Najarian is long NFLX CALLS; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long SBUX CALLS; Pete Najarian is long COP; Pete Najarian is long PEP; Steve Cortes is long PPH; Steve Cortes is long SO; Steve Cortes is long RGR; Steve Cortes is long MO; Steve Cortes is long SVU; Steve Cortes is long WMT; Steve Cortes is long IWM VS. S&P SHORT; Steve Cortes is long FXI VS. S&P SHORT; Steve Cortes is short AUD/JPY; Steve Cortes is short EUR/JPY; Josh Brown is long JPM; Josh Brown is long COP; Josh Brown is long GLP; Josh Brown is long XLU; Josh Brown is long EMC; Dan Dicker is long SLB; Dan Dicker is long BHI

For Eric Jackson
Eric Jackson is long YHOO
Eric Jackson is long AAPL

For Andy Busch
Nothing to disclose

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Raymond James expects to receive or intends to seek compensation for investment banking services from the subject companies in the next three months: QCOM
Raymond James expects to receive or intends to seek compensation for investment banking services from the subject companies in the next three months AAPL

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