UPDATE: Citigroup Raises PT to $59 on Zimmer Holdings on Larger-than-Expected Share Repourchase

Citigroup reiterated its Sell rating on Zimmer Holdings

but raised its price target from $56 to $59. Citigroup said, "We believe Street estimates are too high for 2Q12, 2012, and 2013. Since ZMH has been very focused on hitting EPS targets, we assume larger share repurchases than previously forecast will make up the difference. … Our 2Q sales forecast of $1.114B (-2.0%) is down $10MM from our previous forecast and about $30MM below the Street. FX is now expected to clip 340bp from sales growth so our organic sales growth forecast is largely unchanged." Zimmer Holdings closed at $62.64 on Friday.