UPDATE: Stifel Nicolaus Lowers PT on SEI Investments to $21

Stifel Nicolaus is out with its report today on SEI Investments

, lowering its PT from $25.50 to $21. In its report, Stifel Nicolaus writes, "We are reducing estimates after marking to market our model. 2011 EPS are now $1.17, down from $1.21, while 2012 are $1.26, down from $1.39. Our price target is reduced to $21, or 17X 2012 EPS. With the shares trading at 13X forward EPS, they are trading at the very low end of historical ranges and, in our view, provide good value for longer term investors." Stifel Nicolaus maintains Buy on SEIC. At the time of posting, shares of SEIC were trading at $16.33, up 0.43% from Tuesday's close