UPDATE: Stifel Nicolaus Downgrades United Bankshares to Hold

Stifel Nicolaus is out with its report today on United Bankshares

, downgrading UBSI from Buy to Hold. In its report, Stifel Nicolaus writes, "We are lowering our rating on the shares to Hold from Buy as the shares are now above our previous $22 target price and are now inline with our upwardly revised intrinsic value output of $23 that is based on our discounted earnings analysis which discounts an estimated future earnings stream through FY13 and a derived terminal multiple both at 12%." At the time of posting, shares of UBSI were trading at $24.00, up 2.17% from Wednesday's close.