UPDATE: Citigroup Reiterates Sell Rating, Raises PT on Lexmark International

In a report published Wednesday, Citigroup reiterated its Sell rating on Lexmark International

, and raised its price target from $19.00 to $21.00. Citigroup noted, “We rate Lexmark shares Sell. We continue to have concerns about the company's ability to grow revenue and operating income over the medium to long term given unfavorable secular demand trends (mobility and cloud) coupled with weak macro trends which are likely to hamper print demand trends. While the company's recent announcement to restructure their businesses by exiting the inkjet business is a positive longer term, we believe near to mid term fundamentals remain challenged and we expect the road to recovery from recent restructuring to be a painful one. We expect estimates to come lower over time as the exit of the inkjet business is factored in.” Lexmark International closed on Tuesday at $23.74.