Stifel Nicolaus Downgrading Validus Holdings

Stifel Nicolaus is downgrading shares of Validus Holdings, Ltd. VR to Hold. In the note, Stifel Nicolaus writes, "Shares of VR trade at 0.89x current BV of $31.32. On the surface, the valuation looks cheap – and we believe it is – but we also believe that the valuation could remain stagnant as we believe the proposition to acquire TRH will put some pressure on the shares in the near term. We are downgrading shares from Buy to Hold." Shares of VR closed at $28.02 yesterday.