UPDATE: Citi Lowers SUPERVALU's PT

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According to a research report published this morning, Citi has lowered SUPERVALU's (NYSE: SVU) PT from $8 to $6.In the report, Citi commented, “Our F4Q12 EPS estimate for SVU is $0.36, vs. consensus of $0.35 and $0.44 last year (see Fig. 1). We believe continued price investments combined with a higher LIFO charge and competitive pressures will weigh on gross margins. Also, we expect continued weakness in identical store sales (IDS) as SVU experiences declining traffic, somewhat offset by inflation and higher fuel sales. However, SVU should be able to drive S&A improvements as it continues rolling out cost saving initiatives.”Citi maintains its Neutral rating on SUPERVALU, which closed yesterday at $5.32.

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