Standpoint Research has downgraded shares of City Holding Co. (NYSE:

) from Buy to Hold. The stock has climbed 27% since the firm recommended it on February 9, 2010. Standpoint analyst Ronnie Moas wrote that the stock is now fairly valued at 1.8X book value and 15X estimates for next year. During Monday's trading session, CHCO shares have risen 0.21% to $37.55. Earlier in the day, the stock hit Standpoint's price target of $38.