UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Xylem

In a report published Wednesday, Citigroup reiterated its Neutral rating on Xylem XYL, and raised its price target from $26.00 to $27.00. Citigroup noted, “We are increasing our target price from $26 to $27 to reflect updates to the peer valuations we use in our sum-of-the-parts analysis, and for a shift to basing valuation off of 2013 multiples instead of the 2012/2013 we used previously.” Xylem closed on Tuesday at $24.00.