UPDATE: Stifel Nicolaus Downgrades WesBanco to Hold

Stifel Nicolaus lowers its rating on WesBanco

to Hold from Buy based on valuation and compared to previous $22 target. Stifel Nicolaus says, "Following a nice ramp in the shares since late August and in conjunction with the stock being approximately in line with our revised $21 fair value (from our previously established $22 target price) on lower estimates, we are moving to a Hold. Estimate revisions are largely based on a more challenging interest rate environment than previously modeled on spread income (particularly securities). We would revisit our rating, all else equal, following a material decline in the shares and would become more constructive on the stock in the mid $17 range." WSBC closed at $20.79 a share on Wednesday.