UPDATE: Stifel Nicolaus Downgrades United Parcel Service to Hold

Stifel Nicolaus lowers its rating on United Parcel Service (NYSE: UPS) to Hold as it believes there is not enough upside left in the near term following merger with TNT Express.

Stifel Nicolaus says, "While we believe the UPS/TNT merger could be a long-term positive for UPS, once the company gets through its difficult IT and physical network integrations (estimated completion 2016-2017), we believe the upside potential for shareholders is limited near-term and are downgrading UPS to Hold. Integration risk is also limited near-term, given the fact the company does not plan to merge operations for a few years, but TNT EPS risk is present until closing."

UPS closed at $81.11 a share on Monday.

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