UPDATE: Stifel Nicolaus Downgrades Cooper Industries to Hold on Valuation

Stifel Nicolaus lowers its rating on Cooper Industries

to Hold from Buy and suspends its price target of $65. Stifel Nicolaus comments, "We are reducing our rating on Cooper Industries to Hold From Buy on the basis of valuation. The stock closed yesterday at $64.01; our target price had been $65.00. We are increasing our EPS estimates approximately 4% and believe that Cooper's outlook remains solid. However, the higher earnings and application of slightly higher target multiples do not yield enough upside on a 1-year and 3-year basis to maintain our Buy rating." CBE closed at $64.01 on Wednesday.