UPDATE: Stifel Nicolaus Upgrades Umpqua Holdings to Buy

Stifel Nicolaus is out with its report today on Umpqua Holdings

, upgrading UMPQ from Hold to Buy. In its report, Stifel Nicolaus writes, "We are upgrading the shares of Umpqua Holdings to Buy from to Hold and establishing a target price of $11, which implies 20% upside from last night's close pricing. We recognize the near-term catalyst to move the shares higher are limited as concerns regarding economic growth are pressuring the shares of the banking industry and Umpqua Holdings." At the time of posting, shares of UMPQ were trading at $9.60, up 5.15% from Monday's close.