UPDATE: Stifel Nicolaus Raises PT on Insituform Technologies to $30

Stifel Nicolaus is out with its report today on Insituform Technologies INSU, raising its PT from $29.50 to $30. In a note to clients, Stifel Nicolaus writes, "We reiterate our Buy rating on INSU shares. We are raising our price target to $30.00 from $29.50, based on 13x our 2012 EPS forecast plus about $1.00 of net cash." Shares of INSU closed Tuesday at $21.10.