Stifel Nicolaus Lowers PT on Insituform Technologies to $30

Stifel Nicolaus is out with its report today on Insituform Technologies INSU, lowering its PT from $31 to $30. In its report, Stifel Nicolaus writes, "We reiterate our Buy rating. We are reducing our target price to $30.00 from $31.00 based on 14.0x 2012E EPS plus 2011 net cash of nearly $1 per share. INSU has been valued at an average 22.1x forward EPS over the past five years." Stifel Nicolaus maintains Buy on INSU. Shares of INSU closed Friday at $20.05.