UPDATE: Benchmark Lowers PT on Valassis Communications to $28

Benchmark is out with its report today on Valassis Communications VCI, lowering its PT from $37 to $28. In its report, Benchmark writes, "We recently held a meeting with Valassis management. We believe Valassis is experiencing mixed results in 3Q11 due to current economic conditions, with some slowing being seen in Shared Mail. As a result, we are lowering our 2011 EPS estimate to $2.85 from $3.03 with a revised price target of $28 from $37." Benchmark maintains Buy on VCI. Shares of VCI closed Wednesday at $18.71.