UPDATE: Stifel Nicolaus Downgrades Coventry Health Care to Hold Pending Acquisition

Stifel Nicolaus reduced its rating on Coventry Health Care

from Buy to Hold and removed its previous $37 price target on shares. Stifel Nicolaus noted, "After many long years of referring to Coventry (CVH) as a "takeout", we and many others were right. On August 20, 2012, Aetna announced a definitive agreement to acquire CVH in a cash and stock deal valuing the company at ~$42 per share. … Given the pending sale to AET, we are downgrading shares to Hold." Coventry Health Care closed at $41.41 on Monday.