UPDATE: Citigroup Raises PT on Delphi Automotive Following Solid 2Q Beat

In a report published Thursday, Citigroup analyst Itay Michaeli reiterated a Buy rating on Delphi Automotive (NYSE: DLPH), and raised the price target from $52.00 to $61.00.

In the report, Citigroup noted, “Following a solid Q2 beat with a largely affirmed 2013 outlook. We've modestly lifted estimates and raised our price target to $61 from $52 on a roll to 2014. Our new target equates to 12x our 2014E EPS, or a ~6% FCF yield, ahead of anticipated 18% EPS growth in 2015.”

Delphi Automotive closed on Wednesday at $53.72.