UPDATE: Bank of America Lowering Price Target On Jones Lang LaSalle

Bank of America Merrill Lynch is out with a research report on Jones Lang LaSalle Inc JLL and is lowering its price target to $92, but is keeping its Buy rating on shares. In a note to clients, Bank of America Merrill Lynch writes, "We argue the ongoing market turmoil will result in lower-than-expected 2H11 transaction levels. Our EPS estimates continue to reflect BofA-ML economist projections that the US avoids a recession. We are lowering our price objective by $20 to $92. We base our price objective on 16x (previously 18x; median five-year multiple of 19x) our 2012 pro forma EPS estimate of $5.75. JLL shares trade at 1.1x EV/TTM sales versus 0.7x during 4Q08-1Q09 and a median of 1.4x. Our $92 price target suggests 1.2x EV/2012E sales." Shares of JLL gained 3 cents yesterday to close at $61.23.