UPDATE: Stifel Nicolaus Downgrades Convio to Hold

Stifel Nicolaus downgrades Convio CNVO to Hold from Buy as the company is acquired by Blackbaud for $16 a share. Stifel Nicolaus comments, "On January 17, 2012, before market open, Blackbaud agreed to acquire Convio for $16/share, which represents a valuation of approximately 3.0x 2012E EV/Sales and 20.5x 2012E EV/EBITDA at a $275mn enterprise value and a 34x 2012E PE. This compares to its current comp group multiples of 3.7x, 17x and 36x, respectively. We believe that Blackbaud's offer is fair and that it is unlikely that there will be additional, superior offers and are downgrading shares of Convio from Buy to Hold as a result." CNVO closed at $15.89 per share on Tuesday, up ~48 percent on the day.