UPDATE: Stifel Nicolaus Initiates Hold at Heartland Payment Systems

Stifel Nicolaus is out with its report today on Heartland Payment Systems HPY, initiating HPY at Hold. In its report, Stifel Nicolaus writes, "We are initiating coverage of Heartland Payment Systems with a Hold rating on the shares. We view HPY as a unique story within the somewhat mundane merchant acquiring space, given (1) HPY generates all business through its in-house sales force (no ISOs), (2) proprietary processing systems, (3) fully transparent pass-through pricing, (4) and niche presence in the small and mid-size merchant segment." Shares of HPY closed Thursday at $20.22.