UPDATE: Stifel Nicolaus Initiates IDEXX Laboratories at Hold on Valuation, Market Share Risk

Stifel Nicolaus initiated coverage on IDEXX Laboratories

with a Hold rating. Stifel Nicolaus commented, "IDEXX's dominance in what has proven to be a relatively resilient vet market is likely to continue. That said, we believe this is already reflected in the stock's premium valuation. In addition, our work uncovers some headwinds that may strengthen as we enter 2013, notably, future chemistry share losses and an unfavorable change in the distributor landscape." IDEXX Laboratories closed at $93.89 on Wednesday.