Not too long ago, as Citigroup became a ward of the federal government, CEO Vikram Pandit (Vikram Pandit news) could do no right. Sheila Bair, of the FDIC, wanted him out. Employees questioned his management abilities. And the world seemed to conclude that as a hedge fund guy and an introvert, he was not the right fit for a consumer-oriented bank.

Most expected him to ignominiously lose his job. But he has survived, and now seems to be gaining some momentum, his battle with Mike Mayo not withstanding. Many hedge funds are concluding that Cit is better positioned than Bank of America. And some analysts are singing his praises.

The ubiquitous Richard Bove tells Fortune: "I give him an A+. I think the guy has done a phenomenal job. He walked into a company that had a decade of mismanagement behind it ... There is no question that Citigroup was bankrupt in September 2008. Pandit had to change the whole culture, change the structure, and find businesses that can grow."

James Cramer also has been effusive in his praise, calling Citi the "the most undervalued bank in America. And even better, it's only 50 percent in America," he adds. "So I remain loyal to Citi."

"I think Vikram Pandit [CEO] is doing a terrific job," said Cramer. "It remains my favorite speculation. I'm not backing down just because the price action's bad. I say buy Citi. I say stick with Citi. I say stick with Vikram Pandit."

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