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Canaccord Genuity Downgrades Elster Group SE (ELT) to Hold; Melrose Swoops In, Who's Next?

June 19, 2012 9:08 AM EDT Send to a Friend
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Price: $20.54 --0%

Rating Summary:
    7 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 25 | Down: 20 | New: 23
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Canaccord Genuity downgraded Elster Group SE (NYSE: ELT) from Buy to Hold with a price target of $20.00 (from $19.00).

Analyst, John Quealy, said, "With the active sale process of Elster (majority owned by CVC) now publically confirmed, we look for a final agreement in the near term. While Elster’s attractive portfolio of assets (particularly gas) could attract interest from strategic buyers, we do not expect a meaningfully higher bid. Risk/reward appears balanced."

"Extrapolating a theoretical $20.50 purchase price to the broader group, we note comparative valuation support across the spectrum in the range of ~$55+ for Itron (NASDAQ: ITRI)(BUY), ~$32+ for Badger Meter (NYSE: BMI)(HOLD) and ~$14+ for EnerNOC (Nasdaq: ENOC)(BUY)."

For an analyst ratings summary and ratings history on Elster Group SE click here. For more ratings news on Elster Group SE click here.

Shares of Elster Group SE closed at $19.41 yesterday.




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