UPDATE: Citigroup Raises PT to $107 on CR Bard on Peer Valuation Update

Citigroup reiterated its Neutral rating on CR Bard

and raised its price target from $99 to $107. Citigroup commented, "Since our last target price update for BCR, the peer group valuation has moved up and we are upping our target premium to 15% from 10% to account for the benefit of the Gore royalties to drive EPS growth nearly 3x the group average in 2013. This puts out target price at $107, but also raises the risk of a sharp devaluation if the Gore decision is delayed." CR Bard closed at $105.71 on Friday.