Citigroup lowered the target price of Johnson Electric Holdings (0179.HK) from HK$6.40 to HK$6.20. It is expected that the company will continue to face pressure from rising raw materials and labor costs, but after the recent shorting, Citigroup advised investors to buy the stock when the stock price falls back. Johnson Electric Holdings' revenue for fiscal year 2011 increased 136% from the previous year to US$182 million, higher than Citibank's estimate of US$168 million. According to Citi, the higher-than-expected results were due to an increase of 9 million US dollars in other income and benefits, which was higher than expected due to the revaluation of property values. Citigroup added that due to low restructuring costs and high operating leverage, Johnson Electric Holdings performed well. The stock fell 1.9% to close at HK$5.16 last Friday.