UPDATE: Morgan Keegan Lowers PT on BigBand Networks to $2.60

Morgan Keegan is out with its report today on BigBand Networks BBND, lowering its PT from $2.75 to $2.60. In a note to clients, Morgan Keegan writes, "Price Target $2.60 – We apply a CY12 EV to sales multiple of 0.5x to arrive at our price target. BigBand is suffering from customer deferrals and maturity of the Switched Digital Video initiatives that drove its early growth; thus, it has depressed earnings, which makes a PE and EBITDA multiples less meaningful." Shares of BBND closed Monday at $2.21.