Citigroup Inc. (C)

Upside persists only if post-FY2027 earnings growth proves durable and the observed regional revenue breadth translates into steadier profit. Rising diluted shares or renewed margin weakness would disconfirm this path.

• The bull path assumes adjusted earnings continue growing after FY2027; that extension goes beyond the dated estimate.
• The bull path also requires diluted shares to keep falling; the dated observations only show a lower historical denominator. Any regional benefit remains conditional on North America and International revenue translating into steadier profit.