UPDATE: Piper Jaffray Downgrades Cooper Industries to Neutral

Piper Jaffray has published a research report downgraded Cooper Industries

from Overweight to Neutral. In the report, Piper Jaffray writes, "We are lowering our rating on CBE to Neutral following ETN's announcement this morning of its intention to acquire CBE for $72/share, and lowering our $73 target to $72 to reflect the bid price. ETN highlighted CBE's leadership in Electrical Transmission and Distribution, and attractiveness in moving downstream into Lighting, and upstream into Smart Grid via CBE's position in these end markets as reasons for the acquisition. We expect the deal to be completed in 2H12, and believe further sector consolidation is likely." Piper Jaffray has lowered the price target from $73 to $72 on Cooper Industries, which is currently trading up $14.66 from Friday's $55.84 closing price.