UPDATE: Stifel Nicolaus Lowers PT on Taleo to $35

Stifel Nicolaus is out with its report today on Taleo TLEO, lowering its PT to $35 from $42. In its report, Stifel Nicolaus writes, "We are maintaining our Buy recommendation on TLEO as we think the company continues to be one of the leading HCM vendors and will benefit from companies selecting vendors that offer full suite solutions. Our target price decreases on lower peer group multiples and our concerns about the macro environment. Our 12-month target price is $35, which is derived by applying a 3.8x EV/ Revenue multiple to our 2012 revenue estimate of $364.6mn, which is a premium to the current peer group median TEV/revenue multiple of 3.0x. " Stifel Nicolaus maintains Buy on TLEO. Shares of TLEO closed Monday at $22.14.