UPDATE: Morgan Keegan Lowers PT on Bob Evans Farm to $33

Morgan Keegan is out with its report today on Bob Evans Farm BOBE, lowering its PT to $33 from $34. In its report, Morgan Keegan writes, "Maintain Market Perform. While an increase in the dividend (+25%, ~3.2% yield) and share repurchase program provide downside support, continued weak SSS/traffic remain a concern. Lowered price target of $33 reflects 13x CY12 EPS." Shares of BOBE closed Tuesday at $31.12.