UPDATE: Stifel Nicolaus Downgrades BCD Semiconductor to Hold Following Acquisition by Diodes

Stifel Nicolaus reduced its rating on BCD Semiconductor

from Buy to Hold and removed its previous $7 price target. Stifel Nicolaus noted, "We view this transaction to be positive for the companies involved, as scale matters in commodity analog. Moreover, we believe the merger is a positive development for the analog semiconductor space and the premium (101%) confirms that overall valuation for small cap analog, mixed-signal companies remains too low in relation to intrinsic value." BCD Semiconductor closed at $7.41 on Thursday.