) from Buy to Hold, and removed the $175.00 price target. In the report, Stifel noted, “After several years of powerful growth in several of Valmont's businesses, we now believe the uncertainty around continued organic growth and the ability to maintain margins as markets weaken in likely to create a continued overhang on VMI shares for the next few quarters. As we detail in the coming note we have reduced our 2014 estimates for the following reasons 1) Lower expected revenue growth and margins in Utility, 2) Lower expected revenue growth and margins in Irrigation, 3) Lower expected revenue growth and margins in Coatings. While VMI shares are cheap by historical standards, we believe the discount is warranted given our forecast EPS decline in 2014 as several of Valmont's markets take a cyclical pause. Therefore, we are lowering our rating on the shares to Hold.” Valmont Industries closed on Monday at $138.91.