UPDATE: Stifel Nicolaus Downgrades Yadkin Valley Financial to Hold as Stock Approaches PT

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Stifel Nicolaus reduced its rating on Yadkin Valley Financial (NASDAQ: YAVY) from Buy to Hold and removed its previous $3.50 price target. Stifel Nicolaus commented, "We are downgrading shares of Yadkin Valley Financial Corp (YAVY) to Hold from Buy as the stock now approximates our previously established target price of $3.50. We remind investors that our target price was based on a weighted average methodology that weighted a takeout scenario at 25% and a go it alone recap scenario at 75%. We are making no changes to our earnings estimates."Yadkin Valley Financial closed at $3.45 on Monday.

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