UPDATE: Citigroup Raises PT to $24 on Iconix Brand Group

Citigroup reiterates its Buy rating on Iconix Brand Group (NASDAQ: ICON) and raises its price target to $24 from $20 a share as it believes the stock is undervalued growth opportunities.

Citigroup notes, "Since our initiation on 11/21/11 the stock is up 27%. We believe the stock remains attractively valued (11x P/E on consensus EPS, organic FCF basis 10.2x P/E, 5.8x EV/EBITDA, 0.6x PEG vs. peers of 13.6x 8.2x, and 1.0x) given its FCF generation, Peanuts growth opportunity, and China monetization."

ICON closed at $19.96 a share on Friday.