UPDATE: KBW Lowers PT on Old Republic International to $11.50

KBW is out with its report today on Old Republic International ORI, lowering its PT from $15 to $11.50. In its report, KBW writes, "Following second quarter results at ORI, we are lowering our full-year 2011 and 2012 operating EPS estimates to ($0.51) and $0.59 from $0.19 and $0.95 respectively, mainly due to further deterioration in mortgage insurance loss trends. Our price target is lowered to $11.50 from $15 and we maintain our Market Perform rating." Shares of ORI closed Friday at $10.44, down 2.79% from Thursday's close.