UPDATE: Stifel Nicolaus Lowers PT on LogMein to $42

Stifel Nicolaus is out with its report today on LogMein LOGM, lowering its PT to $42 from $50. In its report, Stifel Nicolaus writes, "We have lowered our price target to reflect the impact we think the slower economic recovery will have on LogMeIn's business. Our revised 12-month target price is $42 and is based on - 1) applying a 6.5x EV/Revenue to our revised FY12 revenue estimates; and 2) applying a 35.0x FY12 P/FCF estimate." Stifel Nicolaus maintains Buy on LOGM. At the time of posting, shares of LOGM were trading at $28.10, up 0.54% from Monday's close.