UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on Yum! Brands

In a report published Monday, Citigroup reiterated its Neutral rating on Yum! Brands

, but slightly lowered its price target from $71.00 to $70.00. Citigroup noted, “At YUM US, Taco Bell sales trends were solid and KFC sales trends were OK, while Pizza Hut saw a drop off. Given updated China trends, we're lowering our '12-'14 EPS ests by 2c, 3c, and 3c respectively. Lowering target price by $1 to reflect our lower estimates.” Yum! Brands closed on Friday at $66.87.