UPDATE: Stifel Nicolaus Downgrades CYS Investments to Hold on Investor Sentiment

Stifel Nicolaus downgraded CYS Investments

from Buy to Hold and announced a $14.50 price target. Stifel Nicolaus said, "Sometimes what the market wants a company to do isn't necessarily what's best for a company to do. Investors get to vote with their wallet, and in the medium term we don't see that working to the benefit of CYS stock. We see another dividend cut ahead as CYS executes in what we consider a prudent manner, but a manner that seems unlikely to erase the stock's discount to book." CYS Investments closed at $12.29 on Thursday.