UPDATE: Citi Lowers PT on Suntech Power to $6.50

Citi is out with its report today on Suntech Power STP, lowering its PT to $6.50 from $7.50. In its report, Citi writes, "Given the utter lack of earnings power across the Tier-1 Chinese solars, we're transitioning to a multiple of TBV and now value STP at 1x TBV or $6.50 and maintain our Hold (2S) rating. FY2011 non-GAAP EPS cut to ($0.20) and F2012 trimmed from $0.44 to $0.39." Shares of STP closed Monday at $5.07, down 0.59% from Friday's close.