UPDATE: Citi Raising Price Target on PPL

Citi Investment Research is out with a research report on PPL Corp. (NYSE: PPL) and it has a Hold rating and is raising its price target to $28 from $29.

In a note to clients, Citi Investment Research writes, "We are raising our target price to $29/share and lifting our target multiple on US regulated business to 15x to account for BBB bond yields."

Shares of PPL are down 13 cents to $27.52 in early Wednesday trade.