UPDATE: Morgan Keegan Lowers PT on Emeritus to $24

Morgan Keegan is out with its report today on Emeritus ESC, lowering its PT from $29 to $24. In its report, Morgan Keegan writes, "Our model reflects both the weaker-than-expected operating metrics and the Medicare cut. We are lowering our 2011 cash from facility operations estimate from $1.50 to $1.48 and our 2012 estimate from $1.76 to $1.65. We are lowering our target multiple from 18x to 15x and our price target from $29 to $24." Morgan Keegan maintains Outperform on ESC. Shares of ESC closed Thursday at $18.19, down 6.81% from Wednesday's close.