UPDATE: Stifel Nicolaus Initiates Natus Medical at Hold

Stifel Nicolaus is out with its report today on Natus Medical

, initiating BABY at Hold. In its report, Stifel Nicolaus writes, "With core business growth moderating, we see 2012 expansion increasingly contingent on acquisitions. Since 2004, BABY has grown through a combination of organic growth and a series of acquisitions, which have complemented current product offerings and benefitted from integration into the company's larger and more productive global sales organization. Although this model has proven successful in the past, exposure to global economic turmoil has challenged the company's ability to generate organic revenue growth at a level consistent with management's long-standing objective of 10%." At the time of posting, shares of BABY were trading at $10.31, down 1.62% from Wednesday's close.