UPDATE: Citi Lowers PT on Physicians Formula to $3.50

Citi lowers its price target on Physicians Formula

from $4 to $3.50 and maintains its Neutral rating on the company in a research report out today. In the report, Citi writes, "FACE seems to be well on the path to 'return to profitability in 2012' as they expand distribution geographically and into new channels, leverage opportunities to improve margins and level-set their investment spending. However, at this time, we continue to think the stock is fairly valued and maintain our Neutral rating." Shares of Physicians Formula are currently trading at $2.95, down 2.64% from yesterday's close.