UPDATE: Imperial Capital Downgrades EnergySolutions to In-Line on Visibility Lack
Imperial Capital downgraded EnergySolutions (NYSE: ES) from Outperform to In-line and lowered the price target from $4.75 to $3.75.
Imperial Capital commented, "We are downgrading our rating on the common stock to In-Line from Outperform and lowering our price target to $3.75, the price at which the company is slated to be acquired, from $4.75 previously. Although we continue to believe the offer by ECP is low and does not fully value the company, we are downgrading the stock on a lack of visibility surrounding the outcome of the upcoming shareholder vote to approve the sale of the company and our expectations the equity will trade with as a merger-arbitrage situations and not on a fundamental basis."
EnergySolutions closed at $3.74 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.