UPDATE: Stifel Nicolaus Initiates Hold on MarketAxess Holdings

Stifel Nicolaus initiates MarketAxess Holdings

with a Hold rating as it believes shares are fairly valued currently. Stifel Nicolaus notes, "At 18.5x our 2013 estimate, valuation is the primary factor keeping us on the sidelines. We believe the current multiple is pricing in the expectation of continued 20%-plus volume growth for the foreseeable future, which may be difficult to sustain given the challenging capital markets environment and dealer balance sheet deleveraging." MKTX closed at $30.53 a share yesterday.