Credit Suisse reports that Citigroup stock might struggle to make it to the top unless Jane Fraser becomes CEO. The bank’s analyst Susan Roth Katzke reduced its rating to neutral, from outperform. Credit Suisse sent a note Friday to investors stating that the bank had more options. Roth Katzke said that C shares could have a lower downside due to a valuation close to the previous cyclical lows. However, she stated that C shares’ upside is still limited relative to peers. Citi’s shares fell 10% in 2012, however the stock managed a strong rally the past two week. On May 12, the stock was at $46.56 per ounce. It then rose to $54 on Thursday for 16% gain. Credit Suisse says that Citi’s core story is not changing, which suggests that Citi may be in the midst of a run. Roth Katzke said that earnings visibility was not affected by the fact that our estimates were unchanged. “We believe (i) there is a need to invest more in infrastructure transformation and organic growth and (iii). Limited near term capital returns capacity and (iii). market exits are still slow.” Credit Suisse maintained its price target of $58 per share. This is 7.7% higher than the closing stock on Thursday. — CNBC’s Michael Bloom contributed to this report.