UPDATE: Citi Lowers PT on AES to $15

Citi is out with its report today on AES (NYSE: AES), lowering its PT from $16 to $15.

In its report, Citi writes, "Updating our models with more accurate quarterly debt figures brings 2013 EPS estimate to $1.16, from $1.29. AES has ~$21.4 billion of total recourse and non-recourse debt on its balance sheet as of the end of 2Q11. Reconciling the interest expense associated with this debt to our model lowers our 2013 EPS estimates to $1.16 per share, bringing our target price down to $15/share."

Citi maintains Buy on AES.

Shares of AES closed Tuesday at $9.44.