UPDATE: Citi Lowers PT on SPX to $63

Citi is out with its report today on SPX SPW, lowering its PT from $86 to $63. In its report, Citi writes, "We are decreasing our 2011/2012 EPS estimates by 10c/25c to $4.35/$5.75 based on the push-out in earnings. We are cutting our target price from $86 to $63 based on our SOP analysis. We are maintaining our Hold rating." Shares of SPW closed Wednesday at $61.23, down 13.49% from Tuesday's close.