UPDATE: Bank of America Reduces Price Target to $10 for SkyWest

Bank of America has published a report on SkyWest (NASDAQ: SKYW) reducing the price target to $10 from $12.

In the report, Bank of America wrote, "SKYW pre-announced 2Q results well below our and Street estimates, singling out several items (higher crew costs, merger-related items, and investment losses) that will carry over into the second half. We are lowering our 2QE to $0.02 from $0.24, our 2011E to $0.20 from $0.73, and our 2012E to $0.80 from $1.19. Given our lowered estimates, we are reducing our price objective to $10 from $12."

Bank of America rated SkyWest an Underperform with a target price of $10.00. SkyWest closed Friday at $14.71.