UPDATE: Citi Raises PT on Family Dollar Stores to $70

Citi is out with its report today on Family Dollar Stores (NYSE: FDO), raising its PT from $69 to $70.

In its report, Citi writes, "We are raising our price target for FDO to $70, up from $69 previously, to reflect an 18x forward P/E multiple (unchanged) on our upwardly revised calendar 2012 EPS estimate of $3.88 (up from $3.78 previously)."

Citi maintains Buy on FDO.

At the time of posting, shares of FDO were trading pre-market at $53.76, up 0.84% from Wednesday's close.