UPDATE: Citi Raises Tech Data's PT

According to a research report published earlier today, Citi has increased Tech Data Corp.'s

PT from $55 to $63, and has reiterated its Buy rating. Citi explained in the report, “Despite continued revenue “pruning,” FX headwinds, a spotty macro backdrop and a rising tax rate, we still expect the company to generate 18% EPS growth this year thanks to European productivity initiatives, declining interest expense and last yr's $315M share repurchase. We also view mgmt's full-year revenue guidance of flattish as a source of potential \upside. Despite the 9% YTD rise in the shares, our valuation analysis suggests potential for an additional 17% rise during the coming year.” Tech Data closed yesterday at $53.99.