UPDATE: Stifel Nicolaus Initiates Hold on Titanium Metals

Stifel Nicolaus initiates its coverage on Titanium Metals

with a Hold rating as it looks for a less expensive entry point in a stock that has solid appreciation opportunity in the future. Stifel Nicolaus says, "The company's involvement in virtually every commercial and military aircraft program and long-term agreements (LTAs) with much of the supply chain and solid outlook give us confidence that TIE shares will offer investors a solid price appreciation opportunity in the future. However, an EV/2012E EBITDA valuation multiple of 12x is above peers. We think this shows investor confidence in outlook, but we are looking for a less expensive entry point." TIE closed at $15.42 a share yesterday.