UPDATE: Stifel Nicolaus Downgrades NetLogic Microsystems to Hold

Stifel Nicolaus is out with its report today on NetLogic Microsystems

, downgrading NETL to Hold. In its report, Stifel Nicolaus writes, "On Monday morning before the market opened, Broadcom Corp

announced its intention to acquire NetLogic Microsystems for $3.7bn or $50 per share. Both companies' boards of directors have approved the deal. We view the deal as positive for both companies, and are recommending investors agree to the acquisition. Also, as we have noted in our NETL recommendations for investors, NetLogic has one of the strongest new product cycles in our coverage universe. With the shares trading near the offer price and our 12-month price target, we are downgrading NETL to Hold." At the time of posting, shares of BRCM were trading at $33.07, up 0.03% from Monday's close.