UPDATE: Stifel Nicolaus Downgrades GSI Commerce to Hold (GSIC)

Stifel Nicolaus is out with its report today on GSI Commerce (NASDAQ: GSIC), downgrading shares of GSIC from Buy to Hold.

In a note to clients, Stifel Nicolaus writes, "We are shifting our rating on shares of GSIC from a Buy to Hold to reflect a diminished likelihood of a counteroffer to top the cash offer to acquire GSIC from EBAY. The solicitation period for alternative acquisition proposals, or 'go-shop' period, expired on Friday, May 6th."

At the time of posting, shares of GSIC were trading pre-market at $29.06, down 0.31% from Friday's close.