UPDATE: Citi Downgrades Polo Ralph Lauren to Hold

Citi is out with its report today on Polo Ralph Lauren (NYSE: RL), downgrading RL from Buy to Hold.

In its report, Citi writes, "We continue to view Ralph Lauren as a best-in-class brand with a significant runway internationally for growth. Our downgrade reflects that a lot of the near-term positive news such as market share gains and success in further penetrating the international market are already priced in. We could potentially become more constructive on the name if the stock pulled back to ~$135, or if we thought EPS could accelerate meaningfully in FY13 from a high teens/low 20% level, all else equal."

Citi raises its PT from $144 to $160.

At the time of posting, shares of RL were trading pre-market at $147.50, down 0.85% from Tuesday's close.