UPDATE: Stifel Nicolaus Downgrades Echo Global to Hold
Stifel Nicolaus lowers its rating on Echo Global Logistics (NASDAQ: ECHO) to reflect current valuation.
Stifel Nicolaus says, " The company reported 3Q11 results were $0.01 above our estimates but $0.01 below the Street consensus. The company continues to grow but did not exhibit compelling reasons to raise our 2012 and 2013 EPS estimates, although we raised our target multiple slightly at that time."
ECHO closed at $16.95 per share on Friday.
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