UPDATE: Bank of America Merrill Lynch Lowers PO on Corinthian Colleges to $2

Bank of America Merrill Lynch is out with its report today on Corinthian Colleges COCO, lowering its PO to $2 from $5. In its report, Bank of America Merrill Lynch writes, "Shares of COCO are trading at 10x our lowered CY12E EPS of $0.20. COCO faces significant EPS de-leveraging as revenues decline, with limited visibility. We think it will be difficult for the stock to work until a bottom is set for starts. We are lowering our PO from $5 to $2 applying our prior 11x multiple to our current CY12 EPS." Bank of America Merrill Lynch maintains Underperform. Shares of COCO closed Tuesday at $1.96.