UPDATE: Stifel Nicolaus Reiterates Buy Rating, Lowers PT on Dice Holdings Following Multiple Transitions

In a report published Thursday, Stifel Nicolaus analyst Michael Purcell reiterated a Buy rating on

, but lowered the price target from $14.00 to $13.00. In the report, Stifel Nicolaus noted, “Dice lowered the 2H outlook and announced a management change. Current CFO/EVP Michael Durney will replace CEO Scot Melland. The revised outlook is somewhat disconcerting; the implementation and positive effects of Open Web will take time and remain a long-term catalyst. The nearer-term weakness appears to be in the transaction (advertising/classified) and short-term packages parts of Dice Online, in addition to a slightly weaker outlook for tech media property SlashDot. At period end, Recruitment Package Customers remained flat, however, the renewal rate did tick up and there was a 50% increase in the number of customers regularly using OpenWeb, along with a rise in engagement. We were surprised by the executive changes, but believe Michael Durney is a very capable executive. We maintain our Buy rating, but lower our target price to $13 on reduced estimates.” Dice Holdings closed on Wednesday at $9.27.