UPDATE: Stifel Nicolaus Raises PT on Taleo to $37

Stifel Nicolaus is out with its report today on Taleo

, raising its PT from $35 to $37. In its report, Stifel Nicolaus writes, "We maintain our Buy recommendation on TLEO shares. We think the company continues to maintain a leadership position in the recruiting segment and has shown solid customer growth in the performance management and learning segments. Our 12-month target price is $37, which is derived by applying a 4.0x EV/ Revenue multiple to our 2012 revenue estimate of $371mn, which a slight premium to the current peer group median TEV/revenue multiple of 3.8x." At the time of posting, shares of TLEO were trading at $29.63, down 5.49% from Tuesday's close.