UPDATE: Rodman & Renshaw Lowers PT on Aviat Networks to $5

Rodman & Renshaw is out with its report today on Aviat Networks AVNW, lowering its PT to $5. In its report, Rodman & Renshaw writes, "With the sell-off in the overall market and our reduced estimates, we are lowering our price target to $5.00, which is based on 0.7X our FY12 revenue estimate of $455MM." At the time of posting, shares of AVNW were trading at $2.48, down 16.33% from Wednesday's close.