Brean Murray Carret & Co. Maintains a 'Buy' on CH Energy (CHG); Offer Looks Low

Brean Murray Carret & Co. maintains a 'Buy' on CH Energy (NYSE: CHG) price target of $69.00.

Brean analyst says, " CH Energy announced this morning that it will be acquired by Fortis, Inc. for $65/share in an all cash transaction valued at $1.5 billion...The offer price for CHG appears low to us, and we recommend investors continue to hold existing positions given our view that 1) the offer looks low, relative to historical valuation; and 2) our belief that the shares could (and should) trade above the offer price based on earnings potential, regardless of the final outcome of the proposed transaction."

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

Shares of CH Energy closed at $58.77 yesterday.

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