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Stifel downgrades Stanley to hold

Tue Aug 12, 2008 2:27pm EDT

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(Reuters) - Stifel Nicolas downgraded Stanley Inc (SXE.N) to "hold" from "buy" on valuation, sending shares down 16 percent.

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The brokerage, which has a price target of $37 on the stock, said Stanley's stock was trading at 23.3 times forward earnings compared with 15.8 times of its peers.

Stifel said the company remained among the fastest organic revenue and earnings growers in the U.S. government IT space, driven by continued strong demand for passport processing and visa applications.

Shares of the company were trading down $5.60 at $31.46 in morning trade on the New York Stock Exchange.

(Reporting by Kuganandhan Paramanandan in Bangalore; Editing by Anil D'Silva)
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