UPDATE: Stifel Nicolaus Lowers PT on Anixter International to $82

Stifel Nicolaus is out with its report today on Anixter International (NYSE: AXE), lowering its PT to $82 from $85.50.

In its report, Stifel Nicolaus writes, "We maintain our Buy rating and are decreasing our target price to $82.00 from $85.50. Our target price is based on 13.5x our 2012 EPS forecast. AXE has been valued at 10x-16x forward EPS during the past 5 years. We are decreasing our 3-year target price to $98.50 from $103, or 13.2x our 2014 EPS forecast."

At the time of posting, shares of AXE were trading at $54.04, up 1.41% from Tuesday's close.