Cleco (CNL) Decline Called 'Overreaction' as Environment Ripe for M&A

Cleco (NYSE: CNL) declined Thursday on Bloomberg reports that lead bidder Macquarie Group is having a hard time garnering financing to acquire Cleco. In the view of analyst Neil Kalton of Wells Fargo, today' decline is an overreaction.

He went on to say the environment is "ripe for M&A" and he thinks a number of potential strategic buyers would have an interest and could emerge if Macquarie Group backs off.

For an analyst ratings summary and ratings history on Cleco click here. For more ratings news on Cleco click here.

Shares of Cleco closed at $53.40 yesterday.

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