UPDATE: Stifel Nicolaus Downgrades Global Payments to Hold on Fundamental Concerns

Stifel Nicolaus reduced its rating on Global Payments GPN from Buy to Hold and removed its previous $51 price target. Stifel Nicolaus noted, "We are lowering our rating on shares of GPN to Hold as our investment thesis has not played out as planned. Although we continue to believe the security breach is a non-issue and the valuation is attractive, we find it increasingly difficult to recommend the shares amid slowing spending growth. Moreover, we view Square and similar technologies as an increasing threat and think this more than offsets lingering upside from the breach and the potential for GPN to be acquired." Global Payments closed at $42.40 on Monday.