0653 GMT - European banks are getting closer to the end of the current bull run, Citi analysts say. Banks continue to see upgrades to earnings per share, with 83% reporting second-quarter consensus pretax profit beats, Citi notes. However, upgrades have broadened to other sectors, which reduces their rarity value, the analysts add. Despite this, Citi remains overweight on European banks, and expects earnings upgrades to increasingly be driven by deposit and loan volumes rather than interest rates. "Yet faster organic & inorganic growth is likely to come at the expense of buybacks," Citi adds. Valuations still aren't expensive, the analysts say, but are no longer very cheap. Citi says its top picks in the sector are ABN AMRO Bank, NatWest Group and Societe Generale.