UPDATE: Citigroup Reduces PT to $55 on Carlisle Companies on Reduced Multiple

Citigroup reiterates its Neutral rating on Carlisle Companies CSL and reduces its price target from $61 to $55. Citigroup says, "We are reducing our target price from $61 to $55 to reflect the decrease in our small-cap target group multiple from 15.0x 2012 EPS to our new 13.0x group multiple on blended 2012/2013 EPS estimates. We continue to assume CSL shares trade at a 5% discount to peers, above the midpoint of its (15%) to 0% historical relative range." CSL closed at $49.89 on Wednesday.