UPDATE: Stifel Nicolaus Initiates MICROS Systems with Hold; Currency, Macro Headwinds

Stifel Nicolaus initiates a Hold rating on MICROS Systems (NASDAQ: MCRS) as currency and macro challenges should offset core markets rebounding. Stifel Nicolaus notes, "While we believe some of the company's end markets are slowly rebounding, we feel MICROS is still facing currency headwinds and being negatively impacted by macrouncertainty (which could limit material near term revenue upside). Additionally, although we believe MICROS is a well run organization, has a lot of pent-up demand, and has several catalysts on the horizon (major domestic hotel wins), we feel at current valuations, a lot of these dynamics are already priced into the shares. Also, we think it could take some time for its newer products(particularly Simphony) to mature in order to capture some of these growth drivers."MCRS closed at $57.94 on Thursday.