UPDATE: Stifel Nicolaus Upgrades Fulton Financial to Buy

Stifel Nicolaus is out with its report today on Fulton Financial FULT, upgrading FULT to Buy from Hold. In its report, Stifel Nicolaus writes, "If we assumed a 70% weighting on FULT's financial multiple and a 30% weighting on its qualitative multiple, we derive a blended P/TB multiple of 157%, or $11.75. Thus, we are upgrading our rating on FULT shares and establishing an $11.50 price target, implying a total return of about 54%." Shares of FULT closed Friday at $7.78.