UPDATE: Stifel Nicolaus Lowers PT on Applied Materials to $18

Stifel Nicolaus is out with its report today on Applied Materials AMAT, lowering its PT from $19 to $18. In a note to clients, Stifel Nicolaus writes, "Although we are maintaining most of our revenue forecasts for 2011 (both fiscal and calendar years), given the lower gross margin profile, we are slightly lowering our EPS estimates. With that in mind, we are slightly lowering our price target to $18 (from $19), based on the same 11x multiple off our new CY11 pro forma EPS of $1.64, excluding options. We maintain our Buy rating on shares of Applied Materials." At the time of posting, shares of AMAT were trading pre-market at $13.40, down 2.26% from Tuesday's close.