UPDATE: Stifel Nicolaus Lowers PT on SuccessFactors to $31

Stifel Nicolaus is out with its report today on Success Factors SFSF, lowering its PT to $31 from $38. In its report, Stifel Nicolaus writes, "SFSF shares currently trade at 4.7x EV/ our 2012 revenue forecast. We believe SuccessFactors' growth rate and sales execution deserve a premium multiple. Our $31 target price is based on applying the multiple of SFSF's highest multiple peer, Netsuite, 6.2x EV/ 2012 revenue. Our target price declines on the decline in peer group multiples and macro concerns." Stifel Nicolaus maintains Buy on SFSF. Shares of SFSF closed Monday at $19.76.