UPDATE: Stifel Nicolaus Lowers PT to $11.50 on Pike Electric Corporation; Measured Growth

Stifel Nicolaus reduces its price target from $13 to $11.50 on Buy-rated Pike Electric Corporation PIKE as growth is expected to be more measured than previously thought. Stifel Nicolaus says, "Positive Trends remain intact for the long term; however, we are pulling back near to mid term estimates slightly to reflect a forecast for more measured growth. We believe that PIKE's focus on SCANA project will limit legacy transmission growth in the near term as the company focuses on solid execution on its largest project to date. We are pulling back our expectations for the acquired Pine Valley Power operations as a result of weakness in the geothermal market. There remains meaningful opportunity to cross-sell Pike and PVP capabilities; this is a source of potential upside to our forecast." PIKE closed at $8.31 on Tuesday.