** Analysts at Citi raise price target on Australian wealth manager AMP Ltd AMP.AX to A$1.65
** Brokerage expects "a few positives" for flows in AMP's banking arm AMP Bank at its upcoming investor briefing on July 21
** Citi retains "buy" rating; lifts earnings per share estimate by 2% for FY25 to FY27
** AMP Bank accounts for more than a quarter of the company, which posted a 22.6% decline in its annual profit
** The bank's low return on capital is a major drag on group's return on equity, Citi says
** While the brokerage says any material benefits from the bank's recent digital-only branch will take time to realise, it has potential to improve AMP's returns or strategic options and add to its value
** Seven of 10 analysts rate the stock "buy" or higher, two "hold", and one "sell"; their median price target is A$1.46, as per data compiled by LSEG
** Stock is down 7.9% YTD, as of last close
(Reporting by Anjali Singh in Bengaluru; Editing by David Holmes)
((anjali.singh2@thomsonreuters.com))
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