UPDATE: Stifel Nicolaus Downgrades PDC Energy to Hold on Valuation
March 19, 2013 at 09:37 AM EDT
Stifel Nicolaus downgraded PDC Energy (NASDAQ: PDCE ) from Buy to Hold and removed the price target of $50.00. Stifel Nicolaus analyst Michael Scialla noted, "Year-to-date, the stock (+57%) has significantly outperformed our peer group (+14%) and is now valued at a 5% premium (38% premium on EV/2013 EBITDA and
