UPDATE: Stifel Nicolaus Downgrades Huntington Bancshares to Hold

Stifel Nicolaus lowers its rating on Huntington Bancshares (NASDAQ: HBAN) to Hold from Buy to reflect changes in basis for evaluation rather than fundamental concerns.

Stifel Nicolaus says, "we are downgrading the shares to Hold from Buy and establishing a 2013 EPS estimate of $0.63. 4Q11 and 2012 EPS estimates remain unchanged at $0.14 and $0.62, respectively. Our downgrade is more of a reflection of our move away from “normalized” earnings as a basis for valuation than any change in our fundamental view of the company. We believe Huntington Bancshares remains a well managed turnaround story with solid capital and profitability."

HBAN closed at $5.90 per share on Tuesday.