Stifel Nicolaus Lowers PT on Cavium Networks to $44

Stifel Nicolaus is out with its report today on Cavium Networks CAVM, lowering its PT from $50 to $44. In its report, Stifel Nicolaus writes, "We are reducing our 12-month price target to $44 from $50, based on 30x our new 2012 non-GAAP EPS estimate. Our multiple represents a discount to the company's five year historical forward EPS median of ~45x." Stifel Nicolaus maintains Buy on CAVM. At the time of posting, shares of CAVM were trading at $32.25, up 0.59% from Tuesday's close.