UBS Downgrades Spectra Energy (SE) to Neutral
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UBS downgraded Spectra Energy (NYSE: SE) from Buy to Neutral with a price target of $44.00 (from $39.00). The downgraded follows its merger announcement.
Analyst Shneur Z. Gershuni said, "We are moving to Neutral from Buy to reflect the current share value that the 0.984 exchange ratio for the planned merger with Enbridge implies. We anticipate that the transaction will be able to close in 1Q17 as planned given that there are minimal overlaps in the two companies business and limited regulatory risk. Additionally, the transaction has been viewed favorably by the market and the dividend growth rate is expected to accelerate for the combined company to 15% in'17 and 10%-12% '18- '24 versus the previous stand-alone growth rate of high-single-digits."
Shares of Spectra Energy closed at $42.80 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Downgrades
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