UPDATE: Stifel Nicolaus Downgrades United Parcel Service to Hold

Stifel Nicolaus lowers its rating on United Parcel Service 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.