UPDATE: Citi Lowers PT on Williams-Sonoma to $35

Citi is out with its report today on Williams-Sonoma (NYSE: WSM), lowering its PT to $35 from $42.

In its report, Citi writes, "We are raising our FY12 estimate to $2.25 from $2.22, reflecting updated guidance and 2Q results. Our FY13 and FY14 estimates go to $2.56 from $2.53 and $2.70 from $2.67. PT goes to $35 from $42 on a lower multiple assumption of 13X. Our lower multiple reflects a lack of catalysts & a market multiple contraction."

Citi maintains Hold on WSM.

Shares of WSM closed Tuesday at $29.44, down 1.96% from Monday's close.