UPDATE: Stifel Nicolaus Lowers PT to $9 on EXFO

Stifel Nicolaus reduces its price target from $10 to $9 on Buy-rated EXFO (NASDAQ: EXFO) as it transfers the company's coverage between analysts.

Stifel Nicolaus notes, "Despite recent challenging results on the heels of an inventory correction in optical and curtailed service provider capital expenditures in 2H11, we maintain our Buy rating on shares of EXFO as we believe the company is well positioned to continue the trend of higher-than-market organic growth that the company has demonstrated over the last decade, likely augmenting this growth with strategic acquisitions."

EXFO closed at $7.14 on Wednesday.

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