UPDATE: Stifel Nicolaus Downgrades IBERIABANK to Hold; Guides Low Revenues, Higher Expenses

In a recent research report, Stifel Nicolaus lowers its rating on IBERIABANK

from Buy to Hold. Stifel Nicolaus comments, "We are downgrading the shares of IBERIABANK post-1Q12 earnings on revised EPS estimates of $2.80 for 2012 and $3.02 for 2013. Our downward revision of estimates is largely predicated on the assumption of continued margin pressure, lower levels of fee income, and elevated operating expenses, as were seen in this quarter's results. Because valuation is based on these revised estimates and few near-term catalysts, we downgrade the shares to Hold." IBKC closed at $51.43 on Thursday.