UPDATE: Stifel Nicolaus Raises PT on Precision Castparts to $190

Stifel Nicolaus is out with its report today on Precision Castparts

, raising its PT from $185 to $190. In its report, Stifel Nicolaus writes, "We reiterate our Buy rating. We are bumping our target price to $190 from $185, which is based on the same EV/F2012E EBITDA multiple of about 12.5x used before, a premium to the company's peers. We believe that this is an appropriate target level for PCP shares as they traded in a range between 10x and 15x trailing EBITDA during the last up-cycle and the premium is warranted by the company's superior margins and strong contract positions with customers." At the time of posting, shares of PCP were trading at $163.82, down 7.03% from Thursday's close.