UPDATE: KBW Downgrades Lender Processing Services to Market Perform

KBW is out with its report today on Lender Processing Services LPS, downgrading LPS to Market Perform. In a note to clients, KBW writes, "We are downgrading shares of Lender Processing Services to Market Perform following last night's pre-announcement. In addition, we are lowering our 2011 adjusted EPS estimate to $2.80 from $3.58 and our 2012 adjusted EPS estimate to $3.57 from $3.99. Our price target drops to $24 from $36." At the time of posting, shares of LPS were trading pre-market at $21.07, down 9.84% from Thursday's close.