Stifel Nicolaus' Changes to Rating and Price Target

Stifel Nicolaus summed up its rating and price target changes in today's research report. Stifel initiated coverage of PennantPark Floating Rate Capital Ltd PFLT with a Buy rating and $14.25 target price. Stifel upgraded its rating on two companies today. Con-way Inc. CNW was upgraded from a Hold to a Buy rating due to positive industry outlook. New target price was set at $46.00. On Wednesday, the company's shares closed at $37.58. Validus Holdings VR is the other company with upgraded rating from Hold to Buy. Stifel cited strong market position and efficient risk management as reasons for its decision. The new price target was set at $46. On Wednesday, Validus' shares closed at $31.79. Stifel also decreased its price target on Arch Coal ACI from $41.00 to $40.00. Stifel left its rating unchanged at Buy, however. On Wednesday, Arch Coal closed the day at $29.40.