UPDATE: Citigroup Lowers Target on Vishay Intertechnology to $13

Citigroup reiterates its Neutral rating on Vishay Intertechnology

and raises its target price by $3 to $13 on higher estimates and valuation multiple. Citigroup notes, "We believe opex reductions will improve out year EPS as sales stabilize & return to normal seasonal growth patterns. Our target price goes to $13 from $10 to reflect these estimate changes as well as a higher market multiple & an adjustment to our valuation methodology that now credits VSH for having over $6/share of cash & investments." VSH closed at $12.41 a share on Tuesday.