UPDATE: Stifel Nicolaus Lowers PT on National American University Holdings to $11

Stifel Nicolaus is out with its report today on National American University Holdings

, lowering its PT from $12 to $11. In its report, Stifel Nicolaus writes, "We are reducing our 12-month target price from $12 to $11 which assumes a multiple of 17x our FY13 estimate of $0.65." Stifel Nicolaus maintains Buy on NAUH. Shares of NAUH closed Friday at $7.18, down 5.90% from Thursday's close.