UPDATE: Stifel Nicolaus Downgrades SHFL entertainment to Hold, Removes PT Following Bally Technologies Acquisition Offer

In a report published Thursday, Stifel Nicolaus analyst Steven Wieczynski downgraded the rating on

from Buy to Hold, and removed the $21.00 price target. In the report, Stifel Nicolaus noted, “Given Bally Technologies' (BYI: 67.13, Buy) pending offer to acquire SHFL for $23.25 per share (announced on 7/16/13), coupled with our view that a competing bid appears unlikely, we are downgrading SHFL shares from Buy to Hold. SHFL closed Tuesday at $22.75, 22% above its pre-deal announcement close (7/15/13: $18.70) and 8% above our $21 target price. We believe shares are likely to trade in a narrowly defined range around the $23.25 offer price for the foreseeable future, with the deal expected to close by mid-2014.” SHFL entertainment closed on Wednesday at $22.75.