UPDATE: Citi Lowers PT on Philip Morris International to $68

Citi is out with its report today on Philip Morris International

, lowering its PT from $73 to $68. In its report, Citi writes, "We are lowering our target price on PM to $68 (from $73, previously) to reflect our downwardly-revised FY12 EPS estimate, and our new 13.2x target multiple. This new target multiple compares to our previous 13.7x target P/E multiple, as we factor in the market multiple's recent contraction (to ~12x currently, based on Citi's 2012 EPS estimate), and our 10% target premium." Citi maintains Hold on PM. At the time of posting, shares of PM were trading at $64.74, up 0.05% from Tuesday's close.