UPDATE: BGB Lowers PT on ValueVision Media to $7

BGB is out with its report today on ValueVision Media VVTV lowering its PT to $7 from $10. In its report, BGB writes, "ShopNBC reported 2Q11 results that were below expectations, primarily due to the liquidation of a major consumer electronics supplier during the quarter. We consider the issue to be largely one-time in nature. While we believe it is prudent to adopt a slightly more cautious outlook, we believe the market has overreacted, creating an opportunity for investors. We are reducing our price target from $10 to $7. We reiterate our Buy rating." At the time of posting, shares of VVTV were trading at $3.76, up 1.62% from Tuesday's close.