UPDATE: Stifel Nicolaus Lowers PT on Taomee Holdings to $11

Stifel Nicolaus is out with its report today on Taomee Holdings TAOM, lowering its PT from $17.50 to $11. In its report, Stifel Nicolaus writes, "We maintain our Buy rating on shares of Taomee. We reduce our target price on Taomee to $11.00 from a prior target of $17.50 to reflect the market downdraft and lower valuations on comparable companies. Our new $11.00 target price is equal to an EV/adjusted EBITDA multiple of 13.0x our 2012 adjusted EBITDA estimate of $24.6 million. Taomee is debt free and has $3.00 per share in cash." At the time of posting, shares of TAOM were trading at $18.11, down 1.58% from Thursday's close.