UPDATE: Stifel Nicolaus Initiates Hold on Park National Corporation

Stifel Nicolaus initiates its coverage on Park National Corporation

with a Hold rating as it believes shares are appropriately valued currently. Stifel Nicolaus says, "Our discounted earnings model that discounts an estimated earnings stream through 2014 and a derived terminal multiple (using a ~4% sustainable growth rate) both at 11.5% generates fair value of ~$69 per share leaving the shares appropriately valued, in our view." PRK closed at $67.07 a share on Tuesday.