UPDATE: Stifel Nicolaus Lowers PT on Exide Technologies to $12

Stifel Nicolaus is out with its report today on Exide Technologies XIDE, lowering its PT from $14 to $12. In a note to clients, Stifel Nicolaus writes, "We are reducing our target price from $14 to $12 to reflect the reduction in our margin estimates. Our 12-18 month target price of $12 is based on a 6x EV/EBITDA multiple on our FY2012 estimate." At the time of posting, shares of XIDE were trading pre-market at $7.40, up 0.68% from Thursday's close.