UPDATE: Citigroup Reiterates Buy Rating, Raises PT on General Electric

In a report published Wednesday, Citigroup reiterated its Buy rating on General Electric Company GE, and raised its price target from $23.00 to $25.00. Citigroup noted, “We are increasing our target price from $23 to $25 to reflect our shift in our sector valuation. We continue to assume the large-cap MI-EE group should trade for 14.0x EPS, but are now applying this to our 2013 EPS estimates instead of the blend of 2012/2013 that we used previously. Our GE target continues to assume the shares trade inline with the target group multiple, near the midpoint of its (15%) to 10% historical relative range.” General Electric Company closed on Tuesday at $20.51.