UPDATE: Stifel Nicolaus Downgrades Echo Global Logistics to Hold, Removes PT on Valuation

In a report published Tuesday, Stifel Nicolaus analyst John Larkin downgraded the rating on

from Buy to Hold, and removed the $21.00 price target. In the report, Stifel Nicolaus noted, “Our 12-month fair value estimate of $21 (or 17.5x our 2015 EPS estimate of $1.22) no longer provides any upside potential (implies downside potential of 2%) over the coming year, in our view, as shares have traded upwards as a result of the 2Q13 earnings report (in line with the Street and our Stifel estimate) and given evidence of increased productivity from graduates of the company's improved, longer training program for new transactional sales personnel. Recall that shares traded downward following management's lowering of 2013 revenue and EPS guidance after 1Q13's earnings miss earlier this year.” Echo Global Logistics closed on Monday at $21.39.