UPDATE: Stifel Nicolaus Downgrades Shaw Communications to Hold on Valuation

Stifel Nicolaus downgraded Shaw Communications Inc.

from Buy to Hold and removes the price target of $22.00. Stifel Nicolaus said, "Shaw released essentially in-line 1Q results (Nov quarter-end), with consolidated revenue of $1,314mn, just ahead of our $1,288mn estimate. … We expect Shaw to continue to aggressively defend its entrenched cable TV position with its next generation cable box, upgraded interfaces, new TV apps, premium Internet services, and the addition of regional WiFi, while seeking new growth in the business market. At this juncture, we are downgrading to a Hold based on valuation and lack of near-term catalysts." Shaw Communications closed at $23.02 on Wednesday.