UPDATE: Citi Lowers PT on Advanced Energy Industries to $16

Citi is out with its report today on Advanced Energy Industries (NASDAQ: AEIS), lowering its PT from $18 to $16.

In a note to clients, Citi writes, "While AEIS is better positioned in the solar market due to its strong US market exposure and higher technology content in its inverter product, it is not immune to the overall solar industry weakness. We are cutting our price target from $18 to $16 applying a solar module-like multiple of 8x on its lower FY12 EPS of $1.47 plus ~$4/share net cash, but maintain Hold (2S) rating as AEIS is a more defensive name in the solar market."

Shares of AEIS closed Tuesday at $13.27, down 11.65% from Friday's close.