UPDATE: Stifel Nicolaus Downgrades Ryland Group to Hold

Stifel Nicolaus lowers its rating on Ryland Group

to Hold from Buy on valuation. Stifel Nicolaus comments, "At 2x tangible book, 1.55x adjusted book value, and 7.3x our normalized EPS estimate we see Ryland shares as fully valued given the current environment and housing uncertainties. Generally speaking we believe both the stock and the sector price in a more robust housing recovery than we expect to materialize." RYL closed at $20.40 a share on Friday.