UPDATE: Benchmark Lowers R.R. Donnelley & Sons' PT

According to a research report published this morning, Benchmark has decreased R.R. Donnelley & Sons'

PT from $16 to $15. In the report, Benchmark explained, "Donnelley reported 1Q12 revenues lower than expected as volume declines across several product lines, continued pricing erosion and favorable foreign exchange adjustments led to a 2% y/y decline in total sales to $2.5 billion. Operating income improved to $172 million, up 7% y/y, on lower costs. The increase in operating income coupled with a lower tax rate (29% this quarter vs. 33% a year ago) led to higher than expected EPS of $0.44, up 33% y/y. EBITDA was down 1% y/y to $297 million. We lower our price target by $1 to $15 but maintain our Buy rating as we believe Donnelley's commitment to its dividend remains firm." R.R. Donnelley & Sons closed yesterday at $11.81.