UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on AVX Corporation Following June Sales/EPS

In a report published Thursday, Citigroup analyst Jim Suva reiterated a Neutral rating on AVX Corporation AVX, and raised the price target from $11.50 to $13.00. In the report, Citigroup noted, “AVX reported 1FQ'14 (June) sales/EPS of $369m/$0.16 near the street's expectations of $370m/$0.15 and within guidance of +2% to +3% q/q. Management did not give explicitly guide June sales/EPS but indicated that sales should be flat to +1% q/q implying a range of $369-$373m, below consensus estimates of $379m.” AVX Corporation closed on Wednesday at $12.79.