UPDATE: Citigroup Reiterates Sell Rating, Raises PT on W.W. Grainger

In a report published Wednesday, Citigroup reiterated its Sell rating on W.W. Grainger

, and raised its price target from $174.00 to $185.00. Citigroup noted, “We are increasing our target price from $174 to $185 to reflect our shift in our sector valuation. We continue to assume the large-cap MI-EE group should trade for 14.0x EPS, but are now applying this to our 2013 EPS estimates instead of the blend of 2012/2013 that we used previously. Our GWW target continues to assume the shares trade for a 10% premium to the target group multiple, above the midpoint of its (10%) to 15% historical relative range.” W.W. Grainger closed on Tuesday at $209.25.