UPDATE: Duncan-Williams Lowers PT on eResearch Technology to $8

Duncan-Williams is out with its report today on eResearch Technology ERT, lowering its PT from $8.50 to $8.00. In its report, Duncan-Williams writes, "We are maintaining a BUY rating and are lowering our twelve month price target to $8.00 from $8.50. This represents approximately 20 times our 2011 EPS estimate of $0.40." At the time of posting, shares of ERT were trading pre-market at $5.88, down 8.55% from Monday's close.