UPDATE: Stifel Nicolaus Lowers PT on Micron Technology to $11

Stifel Nicolaus is out with its report today on Micron Technology

, lowering its PT from $17 to $11. In a note to clients, Stifel Nicolaus writes, "We are reducing our MU 12-month price target to $11 from $17 based on the same 11x our revised FY12 EPS of $1.00. We believe 11x forward earnings is reasonable considering our expectations for 12% y/y top line growth and estimates for increasing profitability y/y." At the time of posting, shares of MU were trading pre-market at $7.63, down 9.49% from Thursday's close.