UPDATE: Citigroup Lowers PT to $63 on Dresser-Rand Group on Trimmed EPS Estimates

Citigroup reiterated its Buy rating on Dresser-Rand Group DRC on continued strong outlook, but reduced its price target from $64 to $63. Citigroup noted, "DRC shares rose 5% on Friday after its in-line earnings report (and helped by a very strong energy tape). We believe that investors sense that DRC's markets are healthy and that its internal initiatives in the aftermarket arena are contributing to a solid rebound in sales, with margin expansion likely to follow. Although we are reducing our EPS estimates on a slightly more cautious view of the economic outlook, we continue to see strong EPS growth in 2013 and 2014." Dresser-Rand Group closed at $47.98 on Friday.