Citi Adjusts PTs on HON, ITT, MMM, TYC, SPW, CBE, and PNR

A report from Citi states that it has lowered price targets on Honeywell International (NYSE: HON), ITT Corp. (NYSE: ITT), 3M Company (NYSE: MMM), Tyco International Ltd. (NYSE: TYC), and SPX Corp. (NYSE: SPW) an average of 9%. Citi has also increased price targets for Cooper Industries plc (NYSE: CBE) and Pentair Inc. (NYSE: PNR) an average of 4.6%.

In explanation Citi writes, “We are adjusting our price targets to be compliant with Citi's rating systems. Within this system, stocks with more than 15% upside are rated Buy and stocks with negative implied returns are rated Sell.”