Citi Upgrading Hospira

Citi Investment Research is upgrading shares of Hospira HSP to Hold, and is raising its price target to $49 from $43. In a note to clients, Citi Investment Research writes, "HSP's discounted valuation (11x F12M P/E) and stock underperformance YTD adequately reflect the transition from a difficult 2011 into a modestly better 2012. Starting with the September 7 Investor Day, we expect a more conservative outlook along with 2H approvals to set the stage for some near-term relief." Shares of HSP lost 84 cents yesterday to close at $44.53.