UPDATE: Stifel Nicolaus Downgrades Bankrate to Hold

Stifel Nicolaus lowers its rating on Bankrate

to Hold from Buy on valuation that is now fair. Stifel Nicolaus notes, "Bankrate reported impressive results, and guidance appears relatively conservative or weak for 1Q12. Since the June 2011 IPO, reported revenue has exceeded street estimates by 9% on average. However, shares are now fairly priced, within 6.5% of our $26 target, and trading at a 12x forward EV/EBITDA multiple and less than 5% FCF yield on 2013 estimates. Hence we have lowered our rating from Buy to Hold. The slightly tempered revenue and EBITDA outlook justifies a fair value in the mid-$20s. We would be constructive again near $20, all else equal." RATE closed at $24.39 a share on Monday.