UPDATE: Citi Raises PT on Waddell & Reed Financial to $47 (WDR)

Citi is out with its report today on Waddell & Reed Financial (NYSE: WDR), raising its price target from $44 to $47.

In a note to clients, Citi writes, "Affirm Buy & raise our 2012-13 EPS estimates following CIRA-sponsored investor meetings with senior management in NY on 2/15-16. 2011 unchanged at $2.38 though we increase 2012-13 $0.05 and $0.12 to $2.89 and $3.44, respectively, to reflect both higher equities volumes + slightly higher margins, the latter still offering upside, we believe. Revised target reflects higher EPS view and ~16x target P/E against 2012 vs. 15.5x prior and 17x LT."

Shares of WDR closed Thursday at $41.91, down 0.07% from Wednesday's close.