City Holding Company (CHCO) Downgraded From Buy To Hold Rating

Analyst P. Carter Bundy at Stifel Nicolaus has downgraded City Holding Company (NASDAQ: CHCO) from Buy to Hold rating. The company has been downgraded solely on valuation as the recent increase in its stock price has moved it closer to the $36 price target set by Stifel Nicolaus.

Stifel Nicolaus has based its positive bias on City Holding Company shares on expectations that the company will continue to outperform on credit through the cycle, boast strong capital ratios and profitability metrics and manage to generate significant amount of internal capital to drive shareholder value in long-term.