UPDATE: Stifel Nicolaus Lowers PT on Ixia to $17

Stifel Nicolaus is out with its report today on Ixia XXIA, lowering its PT from $21 to $17. In a note to clients, Stifel Nicolaus writes, "We are reducing our 2011 sales estimate from $328.5 million to $299.5 million and our pro forma EPS estimate from $0.71 to $0.51. We are reducing our 2012 sales estimate from $390 million to $340 million and our pro forma EPS estimate from $1.00 to $0.73. We are lowering our 12-month price target from $21 to $17 on lower estimates. Our new 12-month price target of $17 for XXIA is based on 23x our 2012 pro forma EPS estimate of $0.73, relative to our estimated pro forma EPS growth of 42% in 2012." At the time of posting, shares of XXIA were trading at $9.79, down 24.75% from Thursday's close.