UPDATE: Citigroup Downgrades Target From Buy to Neutral

Citigroup downgraded Target

from a Buy to a Neutral rating and lowered its price target from $69 to $68. Citigroup commented, “We are lowering our target price to $68, down from $69 previously. We arrive at our target price using our 2013 EPS estimate of $4.85 (vs. $5.04 previously) and a target forward P/E multiple of approx. 14x (unchanged). Our 14x target multiple compares to TGT's current P/E multiple of 12.7x and is in-line with the company's 5-year median multiple of 14.1x, which we believe is prudent in light of our concerns about the pace of the consumer recovery.” Target closed at $61.50 on Monday.