UPDATE: Benchmark Lowers American Science & Engineering's PT

According to a research report published this morning, Benchmark has lowered American Science & Engineering's

PT from $66 to $58. Benchmark mentioned in the report, "AS&E reported Q4FY12 revenue and EPS of $39.8 million, down 41% y/y, and $0.15, significantly lower than consensus estimates of $60.7 million and $0.83. The 41% top-line decline was driven by lower Z-Backscatter Systems and lower Cargo sales, which were down 87% and 17%, respectively. Services revenue was flat in the quarter. Per our earnings preview, we were cautious due to weak bookings and potential shipment delays. Gross margin fell slightly to 44.4% in the quarter, but operating margin dropped 16% to 5% for the quarter from lower sales." Benchmark maintains its Hold rating on American Science & Engineering, which closed yesterday at $67.35.