UPDATE: Bank of America Merrill Lynch Lowers PO on SkyWest to $10

Bank of America Merrill Lynch is out with its report today on SkyWest SKYW, lowering its PO from $12 to $10. In a note to clients, Bank of America Merrill Lynch writes, "SKYW pre-announced 2Q results well below our and Street estimates, singling out several items (higher crew costs, merger-related items, and investment losses) that will carry over into the second half. We are lowering our 2QE to $0.02 from $0.24, our 2011E to $0.20 from $0.73, and our 2012E to $0.80 from $1.19. Given our lowered estimates, we are reducing our price objective to $10 from $12." Bank of America Merrill Lynch maintains Underperform on SKYW. Shares of SKYW closed Friday at $14.72, down 1.67% from Thursday's close.