UPDATE: Citi Raises PT on Target to $63

Citi is out with its report today on Target (NYSE:

), raising its PT to $63 from $61. In its report, Citi writes, "We are raising our target price for TGT to $63, up from $61 previously, to reflect our updated forward P/E valuation. We arrive at our $63 target price using a 14x target forward P/E multiple (unchanged) on our 2012 EPS estimate of $4.48 per diluted share (vs. $4.37 previously)." Citi maintains Buy on TGT. At the time of posting, shares of TGT were trading pre-market at $49.55, down 1.98% from Wednesday's close.