UPDATE: Stifel Nicolaus Downgrades Lakeland Financial to Hold

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Stifel Nicolaus has published a research report on Lakeland Financial Corporation
LKFN
and has downgraded the company from Buy to Hold. In the report, Stifel Nicolaus writes, "We are lowering our rating of Lakeland Financial (
LKFN
) shares to Hold from Buy and removing it from the Stifel Nicolaus Income Opportunity Ideas List based on valuation as the share price is now in line with our $26 price target. Our 2011 and 2012 EPS estimates of $1.90 and $2.08 are unchanged. LKFN shares trade at 160% of tangible book value and 12.4x our 2012 EPS estimate versus the Midwest bank peer median of 124% and 11.2x, respectively. In our view, the shares are deserving of some premium considering Lakeland is only one of five banks in our 23 bank coverage list that earned its cost of capital in 2011 and is projected to grow TBV at a double digit pace in 2012. Furthermore, we believe LKFN is likely to increase the common dividend in 2012." Stifel Nicolaus has removed its $26 price target on Lakeland Financial, which is currently trading up $0.13 from Friday's $25.87 closing price.
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Posted In: Analyst ColorDowngradesPrice TargetIntraday UpdateAnalyst RatingsStifel Nicolaus
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