UPDATE: Stifel Nicolaus Downgrades Echo Global Logistics to Hold on Valuation

Stifel Nicolaus downgraded Echo Global Logistics

from Buy to Hold and removed the price target of $20.00. Stifel Nicolaus said, "We are downgrading the common shares of Echo Global Logistics from Buy to Hold due to valuation. … Additionally, we believe that the company's truckload brokerage business has come under modest margin pressure in recent quarters as a result of the relative balance that has, of late, existed between supply and demand within the truckload sector (Note: truck brokers tend to perform fundamentally better when either supply exceeds demand or when demand exceeds supply)." Echo Global Logistics closed at $19.64 on Tuesday.