UPDATE: Citi Lowers PT on Computer Sciences to $35

Citi is out with its report today on Computer Sciences CSC, lowering its PT to $35 from $50. In its report, Citi writes, "Our 12-month target price goes to $35 from $50, reflecting our new 7-8 P/E multiple range (down from 9-10x) applied to our new calendar year 2012 EPS estimate of $4.76 (down from $5.23 previously). We believe a 7-8x multiple is appropriate for calendar year 2012 as it is in-line with the CSC's recent calendar year 2011 EPS of ~7x based on our estimate, and we see little upside to the recent multiple at this point." Shares of CSC closed Wednesday at $28.24, down 11.67% from Tuesday's close.