UPDATE: Stifel Nicolaus Cuts PT to $16.50 on Sapient

Stifel Nicolaus lowers its price target on Buy-rated Sapient (NASDAQ: SAPE) as the company guides lower than expected for 2012. Stifel Nicolaus says, "Last night after the close SAPE reported a modest EPS beat and in line revenue; however, initiated 2012 guidance implying EPS of ~$0.56, which is $0.07 below consensus of $0.63. The difference was driven primarily by a slower than anticipated recovery within their investment banking vertical (~10% of revenue and experiencing particular weakness with one European client), which will negatively impact revenue growth and profitability (lower utilization) and a decision to invest in expanding more aggressively into the Asia-Pac region (currently 6-8% of revenue, negative to margins) primarily to remain competitive with clients looking to access the faster growing Asian markets with their digital strategies."SAPE closed at $12.91 a share on Tuesday.