UPDATE: Stifel Nicolaus Downgrades NewBridge Bancorp to Hold

Stifel Nicolaus is out with its report today on NewBridge Bancorp NBBC, downgrading NBBC from Buy to Hold. In its report, Stifel Nicolaus writes, "Consequently, while the risk/reward is favorably upside biased, we don't see a material near term catalyst to move the shares significantly higher. If ideally the company can return to net sustainable loan formation by 1H12 we believe the shares could be pressured to the upside and would revisit our rating accordingly." Shares of NBBC closed Friday at $3.55.