UPDATE: Stifel Nicolaus Downgrades Erickson Air-Crane on Valuation
Stifel Nicolaus downgraded Erickson Air-Crane (NASDAQ: EAC) from Buy to Hold and removed the price target of $12.00.
Stifel Nicolaus commented, "We are pleased with the performance of EAC shares. We look forward to hearing 4Q results to be announced next month. In the meantime, at last night's closing price, EAC shares are trading at more than 15% above our target price and close to the level we might otherwise revise the target price to, given the facts as they stand today."
Erickson Air-Crane closed at $13.61 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.