UPDATE: Citi Raises PT on VF Corp to $114

Citi is out with its report today on VF Corp (NYSE: VFC), raising its PT from $111 to $114.

In a note to clients, Citi writes, "We calculate a target of $114 on ~12.5x 2012 EPS which is within VFC's 3 year P/E range of 7.3x-15.9x. This is down from our original multiple assumption of 14.0x based on possible integration risk from the company's recent announcement in acquiring Timberland, while growth at the company both on the top and bottom lines remain the same."

Citi maintains Hold on VFC.

Shares of VFC closed Monday at $101.01, up 10.03% from Friday's close.