Update: Citi Raising Price Target On Hospira (HSP)

Citi Investment Research is raising its price target on shares of Hospira HSP to $54 from $52, but is keeping its Sell rating after the company reported earnings. In a note to investors, Citi writes, "HSP reported solid 1Q upside and announced a $1B share repurchase program, but failed to follow-through with an upward revision to 2011 sales or EPS guidance. Tough pricing, margin pressures, and expectations for a 2Q competitive generic docetaxel launch drove the conservatism. Our revised outlook is higher but still points to downside, and we downgrade to Sell with a $54 target price." Shares of HSP lost 78 cents yesterday to close at $57.35, a loss of 1.34%.