UPDATE: Bank of America Merrill Lynch Lowers PO to $6.50

Bank of America Merrill Lynch is out with its report today on Tenet Healthcare THC, lowering its PO from $6.75 to $6.50. In its report, Bank of America Merrill Lynch writes, "THC reported disappointing 2Q results that beat consensus EPS on below the line items, leading it to raise its EPS guidance but maintain its EBITDA guidance. Following the quarter, we are raising our 2011/12/13 estimates to $0.44/$0.49/$0.56 from $0.41/$0.47/$0.54 to reflect the below the line upside and reducing our PO to $6.50 from $6.75." Bank of America Merrill Lynch maintains Neutral on THC. Shares of THC closed Tuesday at $5.10, down 6.25% from Monday's close.