** Citi finds improved sales momentum and positive operating cash flow in Bubs Australia's BUB.AX trading update

** Brokerage lifts price target to A$0.14 from A$0.13, maintains "neutral/high risk" rating

** Infant formula maker reported 1H25 EBITDA of A$2.9 mln ($1.82 mln) vs EBITDA loss of A$6.8 mln in the same period last year

** Citi sees co's FY25 rev guidance of A$102 mln to be achievable

** Brokerage, however, flags uncertainty around U.S. FDA approval and sustained positive cash flow as risks

** Stock up 20% so far this year as of last close

($1 = 1.5946 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))