UPDATE: Citigroup Raises Target to $12 on Metro PCS

Citigroup reiterates its Neutral rating on MetroPCS

and raises its price target $2, to $12, on improving outlook for cash flows and seasonability. Citigroup says, "Following solid 4Q results that showed better margins and FCF, we believe PCS shares have room to trade higher with the prospects for seasonally stronger subscriber growth during the first calendar quarter, the increase in our outlook for OIBDA during 2012, and the increasing proportion of customers on family plans that could help to contain churn over time." PCS closed at $11.70 a share on Thursday.