UPDATE: Stifel Nicolaus Downgrades Hasbro to Hold on Valuation and Macro Concerns

Stifel Nicolaus reduced its rating on Hasbro

from Buy to Hold and removed its price target of $40 as it was already reached. Stifel Nicolaus said, "HAS closed at our target price of $40 this past Friday, capping a 20%+ move over the last 2 months (vs. +8% for S&P 500). And though we remain generally positive on the company's longer-term prospects, given our near-term macro concerns for the industry (retail inventory/Europe/iPad), potential downside risk to our assumptions across select categories (namely Games + Girls), and the seasonal trading patterns exhibited by toy stocks ahead of the holidays (relative underperformance), we are adopting a more conservative stance on the shares." Hasbro closed at $39.96 on Friday.