UPDATE: Bank of America Lowers Cbeyond's PO

According to a research report published this morning, Bank of America has lowered Cbeyond's

PT from $10.50 to $8.50. In the report, Bank of America commented, "Cbeyond is one quarter into its transformation from a business model that relied on a high-velocity salesforce selling low-tech telecommunications services to one that is supported by relatively sophisticated salespeople selling high-speed data, cloud and managed services. Management provided details with regard to its existing customer base that fit the Cbeyond profile (46%) and expectations for Cbeyond 2.0 revenue (~10% of total by YE2012). Cbeyond made progress with regard to the early stages of this transition during the quarter and announced plans to connect fiber to 700 buildings in 2012 and an incremental 300 buildings in 2013." Cbeyond is currently trading at $6.60.