UPDATE: Citigroup Reiterates Buy Rating, Raises PT on NutriSystem on Successful Turnaround

In a report published Wednesday, Citigroup analyst Gregory R. Badishkanian reiterated a Buy rating on

, and raised the price target from $10.00 to $15.00. In the report, Citigroup noted, “Management appears to be successfully engineering a turnaround of the NutriSystem brand, which we think is still in the early stage of its growth cycle. NTRI's highly recognized, yet under-levered brand, combined with its high-value proposition for dieters, should allow NTRI to benefit from the rapidly growing diet market. In addition, NTRI should drive new customer growth through further penetration of the U.S. market (only needs 2.0% share to become a $1 billion brand), expansion into international markets, price increases, and a focus on male and elderly dieters. In our view, NTRI is a good way to capitalize on America's growing obesity epidemic.” NutriSystem closed on Tuesday at $12.16.