UPDATE: Stifel Nicolaus Downgrades EXCO Resources to Hold

Stifel Nicolaus downgrades its rating on EXCO Resources, Inc. XCO to Hold from Buy as capex slowdown was greater than expected on 2012 guidance. According to Stifel, “XCO released 2012 capex guidance of $710 million, down from $1.01 billion in 2011, and lower than our 2012 estimate of $911 million. While no formal production guidance will be provided until February 2012, we are lowering our 2012 estimates, which now makes this name look fully valued. Assuming 5.0x 2012 EV/EBITDA represents a fair valuation, that would imply a fair value of $10/sh for the stock.” XCO traded at $11.43 at close on Thursday.