UPDATE: Citi Raises PT on Johnson & Johnson to $73

Citi is out with its report today on Johnson & Johnson JNJ, raising its PT from $71 to $73. In a note to clients, Citi writes, "As expected, 2Q was not quite as robust as 1Q due to a generic hit in Pharma and a tougher environment in MD&D. JNJ still beat consensus EPS by $0.05 but it all came via a lower tax rate. JNJ is now just a quarter away from easier comparisons and accelerating organic sales growth. Based primarily on the lower tax rate, we are upping our 2011 and 2012 EPS each by $0.04, to $4.94 (+4%) and $5.19 (+5%). Our new target price is $73." Citi maintains Buy on JNJ. At the time of posting, shares of JNJ were trading pre-market at $67.12, up 0.60% from Tuesday's close.