UPDATE: Stifel Nicolaus Lowers PT on Applied Materials to $14

Stifel Nicolaus is out with its report today on Applied Materials AMAT, lowering its PT to $14 from $15. In its report, Stifel Nicolaus writes, "While the factors are clearly negative for Applied in the near term (and more so with the weakness in the other markets), we also believe the market pullback has brought the stock to essentially the bottom in this current cycle. Thus, we will maintain our Buy rating based on valuation (trough book values), but we are slightly lowering our price target to $14 (from a recently revised $15), based on 11x our new CY12 pro-forma EPS of $1.25, excluding options." At the time of posting, shares of AMAT were trading pre-market at $10.75, down 5.37% from Wednesday's close.