UPDATE: Citi Lowers PT on Staples to $20

Citi is out with its report today on Staples SPLS, lowering its PT from $27 to $20. In a note to clients, Citi writes, "We lowered our PT to $20 from $27 based on 12x our new FY13 estimate of $1.65. Our FY12 estimates went to $1.40 from $1.60. On a forward NTM basis, SPLS has traded at an average of 18.8x, ranging from a high of 26.3x to a low of 10.6x." Citi maintains Hold on SPLS. At the time of posting, shares of SPLS were trading pre-market at $16.65, up 0.12% from Wednesday's close.