UPDATE: Wunderlich Lowers PT on Scripps Network Interactive to $53

Wunderlich is out with its report today on Scripps Network Interactive

, lowering its PT from $60 to $53. In its report, Wunderlich writes, "We are lowering our price target on Buy-rated Scripps Networks Interactive to $53 from $60 off more modest 2012 U.S. ad market growth and ratings issues that are now largely concentrated outside Food Network (especially Travel)." At the time of posting, shares of SNI were trading at $31.45, down 8.00% from Tuesday's close.