Citigroup will likely complete its organizational streamlining efforts this week, which marks a major milestone for the banking giant, according to Wells Fargo’s Mike Mayo. The corporate overhaul of the banking giant involves several waves of layoffs and restructuring of management levels. The moves are part of a months-long effort by CEO Jane Fraser to improve the performance of the bank, which has lagged other major banking institutions. In light of these structural changes, Mayo raised his price target on Citigroup shares to $80 from $70 on Sunday, suggesting the shares could rise 31.5% from Friday’s close. Mayo believes the bank’s simpler structure should provide greater confidence that it can achieve its goals in the future. “Investors take note: This represents a major milestone for Citi,” Mayo wrote in his note. “For us, these moves enhance an unprecedented Citi [line of business] emphasis away from its legacy matrix, which should foster transparency, accountability and agility.” To be sure, Mayo noted that he sees no obvious bullish catalyst in the near term “other than a soft landing in the economy.” However, he believes earnings could accelerate in the long term if restructuring efforts are successful.Year to date, Citigroup shares are up 18.5% and more than 40% in the past 12 months.