Citi lifts its target price for Wesfarmers to $50 from $49 following the scheme implementation deed with Australian Pharmaceutical Industries ((API)) at $1.55/ share, net of dividends declared.

The analyst feels the transaction is likely to go ahead and factors the new business into the broker's financial model. The Sell rating is retained on valuation.

Sector: Food & Staples Retailing.

Target price is $50.00.Current Price is $60.07. Difference: ($10.07) - (brackets indicate current price is over target). If WES meets the Citi target it will return approximately -20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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