UPDATE: Stifel Nicolaus Upgrades Lumber Liquidators to Buy

Stifel Nicolaus is out with its report today on Lumber Liquidators (NYSE: LL), upgrading LL from Hold to Buy.

In a note to clients, Stifel Nicolaus writes, "We are raising our rating on Lumber Liquidators to a Buy from a Hold. We believe that the lingering impact of the troubled SAP implementation last year is largely behind the company and are relieved that the anti-dumping rates on engineered wood flooring are relatively modest. Macroeconomic weakness likely accounts for the stock pulling back 9.6% from its recent peak on May 31st (compared to a 4.3% decline in the S&P) and provides a more attractive entry point."

Stifel Nicolaus has a $31 PT on LL.

Shares of LL closed Thursday at $24.38.