Despite an earlier call for heads to roll at Citigroup for failing the Federal Reserve's "stress test," CLSA bank analyst Mike Mayo said that Tuesday's annual shareholder meeting reassured him that the stock could head to $96 per share.
"I'd say I'm very happy seeing the chairman, Mike O'Neill, and the CEO, Mike Corbat, interact for two hours. This is a great working relationship, and I still think 'The Mike and Mike Show' can play on Broadway and in 100 countries. They're impressive thinkers," he said. "They just have to execute a little bit better. That was encouraging."
Mayo previously said that CFO John Gerspach needed to go after the bank flunked the Fed's annual Comprehensive Capital Analysis and Review.
On CNBC's "Halftime Report," Mayo, at Citigroup's meeting in St. Louis, reiterated his "buy" rating on the stock.
"We still recommend Citigroup stock. We have a $58, one-year price target," he said. "Over four years, we still think Citigroup stock can double. We think the story's delayed."
Mayo said he was assured of Citi's leadership.
"Watching the CEO and chairman on stage for two hours today, it's a reminder that these are very thoughtful, effective managers and leaders," he said, praising O'Neill's stewardship. "I feel like he's looking over their shoulder, and that's an extra layer of comfort."
Disclosure: Mike Mayo does not have a position in Citigroup.
—By CNBC's Bruno J. Navarro.