UPDATE: Stifel Nicolaus Initiates Integra LifeSciences Holdings at Hold

Stifel Nicolaus is out with its report today on Integra LifeSciences Holdings IART, initiating IART at Hold. In its report, Stifel Nicolaus writes, "Following extensive M&A activity in recent years to move Integra into faster-growth and higher-margin Orthopedic businesses (extremities, spine), Integra has reached a point where incremental growth is seemingly demanding greater resources. As end-markets and the company's organic revenue trends decelerate, we believe spending priorities to build scale and reinvigorate growth will limit potential for near-term operating leverage." Shares of IART closed Wednesday at $39.61.