UPDATE: Benchmark Lowers PT to $16 on RR Donnelly & Sons, Maintains Buy

Benchmark reiterates its Buy rating on RR Donnelly & Sons

and lowers its price target to $16, down $3, as it trims estimates on lower sales. Benchmark notes, "Donnelley updated 2011 guidance. We lower our 2011 and 2012 revenue and EPS estimates. We maintain a Buy rating but lower our target price to $16 from $19 per share as we believe the stock remains a good long-term value with an attractive dividend." RRD closed at $12.33 per share on Tuesday.