Simmons Downgrades Spectra Energy (SE) to Neutral
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Simmons, a unit of Piper Jaffray, downgraded Spectra Energy (NYSE: SE) from Overweight to Neutral with a price target of $41.00.
Analyst Brian Gamble commented, "SE will be part of a pro-forma entity capable of benefiting from several growth avenues (Liquids and Nat Gas Pipes, Utilities, Renewables, other Midstream assets). While the stand-alone SE had options, this transaction opens up more options and lengthens the fairway for long term growth. We are downgrading SE shares to Neutral only as a read-through to the correlation with ENB shares from now until the transaction closes. Our price target for SE remains $41."
Shares of Spectra Energy closed at $41.00 yesterday.
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