Citi Lowers PT on KBR to $48.50

Citi is out with its report today on KBR

, lowering its PT to $48.50 from $54. In its report, Citi writes, "We are lowering our 12-month target price by $5.50 to $48.50 per share. The change to our target price reflects a change in our target multiple to 17.0x from 18.0x and lower than previously forecast EPS, which reflects an uncertain fundamental landscape leading to deteriorating investor sentiment and expectations of slower global economic growth. Applying our updated target multiple of 17.0x to our EPS estimate of $2.85, yields a $48.50 per share target price." Citi maintains Buy on KBR. Shares of KBR closed Friday at $25.21, down 5.55% from Thursday's close.