UPDATE: Citigroup Lowers Target to $7 on Celestica

Citigroup reiterates its Sell rating on Celestica

and lowers its price target by half a dollar to $7 on caution related to RIMM, which makes up 20% of the company's revenues. Citigroup says, "RIMM represents a 20% customer for Celestica vs. 18% in the prior quarter & 20% a year ago. Given competitive challenges and product launch delays at RIMM, we believe there is risk with this major customer and therefore we are currently modeling full year 2012 growth of less than 2% & below the company's guidance of 3-5%." CLS closed at $7.67 a share on Thursday.