Stifel Nicolaus Lowers PT on Satcon Technology to $3.50

Stifel Nicolaus is out with its report today on Satcon Technology

, lowering its PT from $4.00 to $3.50. In a note to clients, Stifel Nicolaus writes, "We are reducing our target price to $3.50 from $4.00 based on our fair value range of $3.10-$3.70 based on an 11-13x multiple on our revised 2012 adjusted EPS estimate of $0.28, in line with our previous multiple range." Shares of SATC closed Tuesday at $1.95.