UPDATE: Sterne Agee Lowers PT on Teekay to $39

Sterne Agee is out with its report today on Teekay

, lowering its PT to $39 from $41. In its report, Sterne Agee writes, "We are lowering our estimates as follows: Our 2011 goes from breakeven to a $1.39 loss; our 2012 EPS goes from a $2.00 profit to a $0.50 profit. We now expect TK to break even in 4Q11. The main drivers of our lower estimates are lower spot rates, fewer revenue days, and higher expenses. We are also lowering our PT from $41 to $39 to reflect our lower estimates. Our PT is an average of TK's SOTP value of $42 and our multiple-based $35 value." Sterne Agee maintains Buy on TK. Shares of TK closed Thursday at $24.04, up 10.17% from Wednesday's close.