UPDATE: Stifel Nicolaus Downgrades Ingram Micro to Hold (IM)

Stifel Nicolaus is out with its report today on Ingram Micro IM, maintaining Hold. In a note to clients, Stifel Nicolaus writes, "There could be additional risk with the ERP rollout as Ingram begins to move it into larger markets in Europe and North America next year, though we would believe the system transition should be easier after this experience. Still, while we think shares are likely to trade at or just below book value (which could prompt a share buyback), we don't see upside in the stock until investors get a better handle on the ERP rollout. We therefore lower our rating to Hold from Buy and remove our 12-month price target, which was $24. We also lower our forward estimates." At the time of posting, shares of IM were trading pre-market at $19.30, down 7.88% from Thursday's close.