UPDATE: Stifel Nicolaus Lowers PT on Polycom to $25

Stifel Nicolaus is out with its report today on Polycom PLCM, lowering its PT from $35 to $25. In its report, Stifel Nicolaus writes, "For Q4 Polycom guided for revenue growth of 5-6% (3-4% organic growth without HP), suggesting revenue of $400m at the midpoint, well below our prior estimate of $414m. Gross margin is predicted to rise slightly from Q3. Operating margin guidance was set at 17.5%, below the company's prior target of 20%. The goal for 2012 was reduced to 18-20% as the company continues investments in partners and social/media opportunities. We continue to rate Polycom a Buy, and lower our price target to $25 from $35." At the time of posting, shares of PLCM were trading at $14.80, down 32.20% from Wednesday's close.