In a note, Wells Fargo Managing Director Mike Mayo claimed Citigroup (C) stock price will double over the next three years. Mayo cites the recent overhaul at Citi, which is working to reorganize the company into new business lines. In addition, Mayo maintained his "Overweight" rating on the bank and raised his one-year target for the price to $70 from $60. Mayo joins Yahoo Finance to give insight into his note and why he believes Citigroup is set for massive gains in its stock. Mayo expounds on Citi's overhaul, saying the company is "ripping the guts out of the inside, adding "They have a transformation where they're modernizing the back office, and they have a range of business exits, especially non-US consumer banking, which has been a fail for the last half century. So the upshot of this is, we think, significantly improving efficiency, returns, and stock price over the next three years. We see a double in the stock, not without risk." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino

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