UPDATE: Stifel Nicolaus Downgrades Tortoise to Hold

Stifel Nicolaus lowers its rating on Tortoise

to Hold from Buy on valuation. Stifel Nicolaus says, "Given the recent share price appreciation, we believe there is greater value to be had for new money. Shares currently trade at approximately 7% premium to NAV and slightly above their trailing one-year average premium to NAV of 6%. We remain convicted TYY is a solid core holding in the MLP Investment Company universe and provides investors a well diversified approach for those seeking exposure to the sector." TYY closed at $29.25 a share on Thursday.