UPDATE: Citi Lowers PT on Kelly Services to $16

Citi is out with its report today on Kelly Services KELYA, lowering its PT to $16 from $18. In its report, Citi writes, "Kelly has rebounded from 2009 trough EPS losses, but investments in int'l growth, normalized tax rates, and low incremental margins remain fundamental overhangs. Maintain HOLD with $16 target price." Shares of KELYA closed Friday at $14.49, up 2.77% from Thursday's close.