UPDATE: Stifel Nicolaus Downgrades Range Resources to Hold on Valuation, More Cautious Outlook

In a report published Monday, Stifel Nicolaus analyst Michael Scialla downgraded the rating on Range Resources Corp.

from Buy to Hold, and removed the $80.00 price target. In the report, Scialla noted, “The stock is up 22% this year (nearly double our group average increase of 12%) and is currently valued at a 54% premium to our peer group (highest in the group based on equally weighted price/NAV and EV/2013 EBITDA). While we believe the company's exceptional inventory of high rate of return Marcellus drilling locations, solid execution, and improving financial position warrant the highest premium valuation in our group, we would not be aggressive buyers at current levels.” Range Resources Corp. closed on Friday at $76.50.