UPDATE: KeyBanc Downgrades Michael Baker Corporation to Hold, Removes PT

In a report published Monday, KeyBanc downgraded its rating on Michael Baker Corporation BKR from Buy to Hold, and removed its $27.00 price target. KeyBanc noted, “We are downgrading BKR to HOLD from BUY following the firm's 42% share price appreciation after hitting a low on November 14, 2012 post the firm's disappointing earnings on November 8, 2012. Although we continue to see the possibility of a take-out for BKR in the low $30 range, we view upside as fairly muted at this juncture due to the run-up, and view BKR's end market fundamentals, largely on the federal front, as moving sideways to down.” Michael Baker Corporation closed on Friday at $25.63.