UPDATE: Citi Lowers PT on Hospira to $30

Citi is out with its report today on Hospira (NYSE: HSP), lowering its PT from $39 to $30.

In its report, Citi writes, "Manufacturing issues at the Rocky Mount facility (25% of total sales) are creating a significant shortfall for 3Q and 2011 heading into an already difficult 2012. Timing of the announcement post the Sept 7th Investor Day layers on management credibility issues, and we cut our target to $30 on lower estimates."

Citi maintains Neutral on HSP.

At the time of posting, shares of HSP were trading pre-market at $29.36, down 0.51% from Tuesday's close.