UPDATE: Bank Of America Lowers Price Target On CB Richard Ellis To $23

According to Bank of America, CB Richard Ellis (NYSE: CBG) price target is lowered to $23.

Bank of America said that it argues the ongoing market turmoil will result in lower-than-expected 2H11 transaction levels. “Our lowered 2012E EPS of $1.42 is near the low end of consensus, but we are the first to revise estimates since 2Q results.”

CB Richard Ellis closed yesterday at $13.77.