Citigroup raised its target price on LPN Development Pcl to 16.3 baht ($0.53) from 15.5 baht after its valuation rerating that reflected consistency in revenue growth and stong earnings visibility of the condominium developer.

But the broker said it had cut its rating on the stock to neutral from buy, citing a limited upside to 2012 estimated earnings to drive the share price further.

"Presales momentum could slow in the second half as new launches for 2012 remain front-loaded in the first half despite launch schedule reshuffling," Citi said in a report.

LPN shares were trading down 1.2 percent at 16.7 baht, with about 6.15 million shares traded, 1.26 times average full-day volume over the last 30 sessions.

1212 (0512 GMT)

(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)