Equity strategists at Citi said the U.K. election result “is probably as good as it gets.” The bank said the FTSE 250 MCX, +0.71% could rally even more than the FTSE 100 UKX, +0.79% given its higher exposure to the domestic economy. Citi has an 8,100 target on the FTSE 100 for the end of 2020. That said, the bank says it remains concerns about the implications of Brexit for the U.K. economy and is forecasting a mild recession in 2021. The bank also expects more debt-financed M&A and share buybacks as the U.K. cost of equity, at 8.2%, is far higher than the cost of debt, at 2.5%.