UPDATE: Stifel Nicolaus Downgrades Qlik Technologies to Hold on Product Readiness Headwinds

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Stifel Nicolaus downgraded Qlik Technologies (NASDAQ: QLIK) from Buy to Hold and removed its previous $32 price targetStifel Nicolaus noted, "We feel fine about the 4Q numbers, but also feel the loss of growth momentum in recent quarters, alongside building customer and partner frustrations from our checks, could presage further bumps in the road. Our recent checks also leave us slightly uneasy as to the enterprise-readiness of the product today, and we believe that QlikView.next may yet be 2-3 quarters away from general availability. Given QLIK's "growthy" valuation of 3.8x 2013E EV/Sales and 30.3x 2013E EV/EBITDA, we see enough risks on the horizon for us to take a more cautious stance at this time."Qlik Technologies closed at $21.06 on Wednesday.

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