UPDATE: Stifel Nicolaus Downgrades TTM Technologies to Hold on Near- and Long-Term Issues

Stifel Nicolaus downgraded TTM Technologies, Inc.

from Buy to Hold. Stifel Nicolaus said, "We are reducing estimates and lowering our investment rating on printed-circuit board manufacturer TTM Technologies from Buy to Hold due to, what we believe, are myriad near and long-term issues, including soft demand, excess industry capacity, and ongoing margin pressure related to rising labor costs and increased pricing competition." TTM Technologies closed at $9.15 on Monday.