I posted my extremely conservative valuation on Citigroup (C) last week and promised a more aggressive version in order to try and quantify not only a potential floor in the stock ($22?) but also a reasonable ceiling ($41?). Below in graphic form are three scenarios; my first one (conservative) as well as a moderate and more aggressive case. I will revisit these projections after Citi reports first quarter numbers, which might shed some light on their normalized earnings power.

Full Disclosure: Still no position in Citigroup at the time of writing