UPDATE: Stifel Nicolaus Downgrades PDC Energy to Hold on Valuation

Stifel Nicolaus downgraded PDC Energy

from Buy to Hold and removed the price target of $50.00. Stifel Nicolaus analyst Michael Scialla noted, "Year-to-date, the stock (+57%) has significantly outperformed our peer group (+14%) and is now valued at a 5% premium (38% premium on EV/2013 EBITDA and 28% discount on price/NAV). While the company's high quality assets justify a premium valuation, balance sheet and infrastructure constraints are likely to weigh on potential multiple expansion, in our view." PDC Energy closed at $52.06 on Monday.