UPDATE: Stifel Nicolaus Downgrades Polycom to Hold on Departure of Key Executive

Stifel Nicolaus downgraded Polycom PLCM from Buy to Hold and removed the price target of $13.00. Stifel Nicolaus said, "Polycom announced the departure of Mr. Sudhakar Ramakrishna (“Rama”), the president of Product and Services. Mr. Ramakrishna has accepted a position with another company. … Overall, given the departure of the key architect of Polycom's transformation to a software-centric model, we find it difficult to maintain our rating and are moving to a Hold." Polycom closed at $10.12 on Wednesday.