UPDATE: Bank of America Merrill Lynch Lowers PO on Actuant to $26

Bank of America Merrill Lynch is out with its report today on Actuant ATU, lowering its PO from $28 to $26. In its report, Bank of America Merrill Lynch writes, "Our 12-month PO of $26 is based on applying a 13x P/E to our FY12 EPS estimate of $2.00. 13x is at a discount to the company's average historical P/E of 16x, but in line with multiples achieved during periods of more normalized cyclical earnings and takes into account broader macro concerns for industrial stocks." Shares of ATU closed Friday at $20.06, down 6.78% from Thursday's close.