UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on WESCO International

In a report published Friday, Citigroup reiterated its Neutral rating on WESCO International

, but lowered its price target from $78.00 to $76.00. Citigroup noted, “After momentary weakness at the open, WESCO shares shrugged off a weak 4Q12 that included breaking its ten-quarter run of positive organic revenue growth, a 2013 guidance cut and a soft 1Q13 guide all to finish up 1%. CEO John Engel and team were careful not to oversell the weak end markets or an imminent non-resi recovery but remained confident in how they are positioning WESCO to outgrow its markets and take share. The zippy $1.00 earnings accretion from EECOL was reiterated and conservatively assumes no synergies. Free cash flow was also positive at 195% conversion. We are lowering our 2013 EPS from $6.00 to $5.85 to reflect lower growth as well as recalibrating our EECOL assumptions. As a result, we are decreasing our target price from $78 to $76 and remain Neutral rated.” WESCO International closed on Thursday at $72.93.