UPDATE: Bank of America Lowers Price Target on Arcos Dorados

According to Bank of America, Arcos Dorados

price target is lowered to $25. Bank of America said that it is lowering its 2011E EPS from $0.58 to $0.54, and its 2012E EPS from $0.93 to $0.83, based on adverse FX movements, and a perceived same store sales deceleration in Brazil. “We maintain our BUY rating based on a stronger 2H12 outlook for Brazil, and recent share price weakness.” Arcos Dorados closed yesterday at $18.56.