UPDATE: Citi Lowers PT on Fairchild Semiconductor to $18

Citi is out with its report today on Fairchild Semiconductor

, lowering its PT from $25 to $18. In its report, Citi writes, "FCS lowered its 3Q11E revenue by 8-pnts and GM by 50bps Tuesday before market open. FCS cited sluggish distributor sell-through in Aug/Sep reflecting weakness primarily in TV/consumer, and also in solar inverters and home appliances. We reduce our 2012 EPS to $1.47 from $1.83 on 7-pnts lower sales and 130bps lower GM. Every five-points of sales = 20c and every point of GM = 10c annually. We reduce our FCS price target to $18 from $25 but reiterate FCS Buy given 44% ETR." At the time of posting, shares of FCS were trading at $12.70, up 1.84% from Tuesday's close.