Stifel Nicolaus Maintains Hold on Sara Lee

Stifel Nicolaus is out with its report today on Sara Lee SLE, maintaining Hold. In a note to clients, Stifel Nicolaus writes, "We continue with our Hold rating as we believe the shares maintain a fair multiple for the business even inclusive of the pending breakup of the business and the company's plans to pay a special $3 per share dividend in FY12. We believe the operating fundamentals remain soft and while we see some points of light on the pricing front, input cost inflation remains stubbornly high which could pressure earnings over the next year." Shares of SLE closed Tuesday at $19.12.