UPDATE: Barclays Downgrades Elster Group SE (ELT) to Equalweight; Acquisition Deal Progressing

(Updated - July 24, 2012 2:50 PM EDT)

Barclays downgraded Elster Group SE (NYSE: ELT) from Overweight to Equalweight with a price target raised from $18.50 to $20.50.

Analyst, Amir Rozwadowski, said, despite ELT being a preferred pick in the smart grid sector, the Melrose deal is progressing, and CVC Capital Partners, Elster's largest shareholder, has already agreed to tender. So, given limited upside from current levels, a downgrade to EW is appropriate.

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 $20.48 yesterday.

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