UPDATE: Citi Lowers PT on JC Penney to $32

Citi is out with its report today on JC Penney JCP, lowering its PT to $32 from $35. In its report, Citi writes, "We are lowering our 2011 EPS est. to $1.77, vs. $1.79 prev. We are lowering our target price to $32, vs. $35 prev., which reflects our 2012 EPS est. (excl. pension) of $2.46 and a ~13x tgt. fwd. P/E mult. (vs. ~14x prev.)." Citi reiterates Buy on JCP. Shares of JCP closed Friday at $26.55, down 1.04% from Thursday's close.