UPDATE: Bank of America Lowers PT on Digital River from $19 to $18

Bank of America reiterated a Buy rating on Digital River

and lowered its price target from $19 to $18. Bank of America noted, “Digital River reported Q2 revenue/non-GAAP EPS of $90.8mn/$0.20 versus Street estimates of $93.4mm/$0.18. The top-line miss was largely due to lower than estimated commerce seg rev of $71.3mn (+2% y/y), below our $73.5mn est. Due to Digital River's high international exposure, stalling software sales pre-OS release and historically sluggish Q2 revs, our recent upgrade was not a call on Q2.” Digital River closed at $17.79 on Tuesday.