UPDATE: Stifel Nicolaus Downgrades Belden to Hold on Growth Slowdown

Stifel Nicolaus reduced its rating on Belden BDC from Buy to Hold and removed its $42 price target. Stifel Nicolaus commented, "Belden is experiencing challenging market conditions across its operating segments and geographies in 2012 that could continue into early 2013. Demand is weak in enterprise and connector markets and sluggish in industrial networking and cables. Organic sales growth has slowed. In 2011, Belden generated copper-adjusted organic sales growth of 8%. In 1Q12, copper-adjusted organic growth was 1.4%. In 2Q12, copper-adjusted organic sales declined 4%." Belden closed at $35.19 on Thursday.