UPDATE: Stifel Nicolaus Susquehanna Bancshares to Hold

Stifel Nicolaus is out with its report today on Susquehanna Bancshares SUSQ, upgrading SUSQ to Hold from Sell. In its report, Stifel Nicolaus writes, "If we assumed an 70% weighting on SUSQ's financial P/TB multiple (96%) and a 30% weighting on its qualitative multiple (123%), we derive a blended P/TB multiple of 104%, or $6.89. We also are incorporating a franchise or take-over value in shares of SUSQ. If we assumed a loan mark of 6%, and deposit premium of 7%, an implied value would be $9.50. These value ranges of roughly $7 to $9 per share warrant our Hold rating in SUSQ shares." Shares of SUSQ closed Friday at $5.89.