UPDATE: Stifel Nicolaus Downgrades Union First to Hold

Stifel Nicolaus lowers its rating on Union First UBSH to Hold from Buy as it believes shares are now fairly valued. Stifel Nicolaus elaborates, "We are moving to a Hold rating from Buy based on our revised discounted earnings model that now suggests a modestly lowered fair value of ~$13.50 which incorporates our lowered earnings outlook in FY13 and initially modeled FY14. We are also removing UBSH from the Stifel Nicolaus Income Opportunity Ideas List. We would note that our fair value estimate does not give any value to excess capital that is significant and is expected to widen further given projected equity formation at the company." UBSH closed at $14.08 a share on Friday.