UPDATE: Stifel Nicolaus Downgrades HSN to Hold on Fair Value
Stifel Nicolaus reduced its rating on HSN (NASDAQ: HSNI) from Buy to Hold and removed its $45 price target.
Stifel Nicolaus noted, "The premises for the downgrade is not so much 2Q12 earnings, which were in line with expectations but rather the stock is within a reasonable range of our previous $45 target price and we do not believe that operational fundamentals warrant an increase in estimates which would necessitate a target price increase. While we anticipate stock buyback activity going forward, 2Q's rate of share buyback was probably higher then we expect going forward."
HSN closed at $41.15 on Wednesday.
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