UPDATE: Stifel Nicolaus Raises PT on Ralcorp Holdings to $91

Stifel Nicolaus is out with its report today on Ralcorp Holdings (NYSE: RAH), raising its PT to $91 from $84.

In its report, Stifel Nicolaus writes, "We continue with our Buy rating and are raising our target price to $91 which we believe represents the value at which the risk/reward is pretty well balanced. We derive our target price by assigning a 15.5X P/E multiple to 2012 EPS and 8.5X EV/EBITDA multiple."

At the time of posting, shares of RAH were trading at $86.75, up 0.84% from Tuesday's close.