UPDATE: Stifel Nicolaus Downgrades Polycom to Hold on Departure of Key Executive
Stifel Nicolaus downgraded Polycom (NASDAQ: 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.
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