UPDATE: KBW Downgrades PMI to Market Perform

KBW is out with its report today on PMI (NYSE: PMI), downgrading PMI from Outperform to Market Perform.

In its report, KBW writes, "We are downgrading the shares of PMI to Market Perform from Outperform this morning following the company's 2Q11 earnings release. We are also lowering our full-year 2011 operating EPS to ($4.79) from ($1.94) and our 2012 operating EPS to ($1.10) from $0.19. Our price target drops to $0.50 from $3."

At the time of posting, shares of PMI were trading pre-market at $0.43, up 4.85% from Thursday's close.