UPDATE: Stifel Nicolaus Downgrades HJ Heinz to Hold on Valuation

Stifel Nicolaus reduced its rating on HJ Heinz HNZ from Buy to Hold and removed its previous $58 price target. Stifel Nicolaus commented, "We are downgrading Heinz to Hold from Buy as the stock has surpassed our target price. This downgrade does not reflect any change in our view of the fundamentals – we continue to foresee solid growth ahead for Heinz, particularly driven by its burgeoning emerging market business. However, we also believe the relatively slow growth profile of its developed market business will constrain any meaningful upside to sales and earnings from this level, which we believe is required for the shares to earn a premium multiple." HJ Heinz closed at $58.43 on Friday.