UPDATE: Citi Lowers PT on Comverge to $3

Citi is out with its report today on Comverge COMV, lowering its PT from $8 to $3. In a note to clients, Citi writes, "We are adjusting our target price to $3, based on our DCF valuation. Our estimates and financial forecast have been updated as well, in which we expect net losses through 2012 and near breakeven in 2013. Our revised target leads us to maintain our Hold Recommendation." Shares of COMV closed Thursday at $2.84.