UPDATE: Stifel Downgrades The Men's Wearhouse Ahead of Possible Acquisition by JOSB

In a report published Thursday, Stifel analyst Richard Jaffe downgraded the rating on The Men's Wearhouse (NYSE: MW) from Buy to Hold, and removed the $40.00 price target.

In the report, Stifel noted, “We are downgrading MW to a Hold rating from a Buy. In our opinion, the JOSB acquisition of MW has a better than 50% chance of being completed; however, we believe the transaction will be prolonged. With shares closing at $46.24, above our target price of $40, the company is more than fully valued on a fundamental basis. If the deal gets done, we believe it will be above the offer price of $48 from JOSB.”

The Men's Wearhouse closed on Wednesday at $46.24.