UPDATE: Stifel Nicolaus Downgrades Multi-Fineline Electronix to Hold

Stifel Nicolaus lowers its rating on Multi-Fineline Electronix

to Hold from Buy as it believes shares are fairly valued following a big run. Stifel Nicolaus comments, "we believe shares have already priced in a recovery of sales and margins in FY12 and FY13. Shares have risen 34% YTD and 59% since bottoming last September (vs. up 13% for the Nasdaq) and now exceed our previous $27 target. The recent move was due in large part, we believe, to the positive pre-announcement on Jan. 11. The upside came primarily from Apple, to which MFLX supplies flexible printed-circuit boards and assemblies for both tablets and smartphones, and included share gains from a competitor that has production in Thailand." MFLX closed at $27.50 a share on Friday.