UPDATE: D.A. Davidson & Co. Reiterates On Consolidated Communications Following Enventis Acquisition - Consolidated Comms Hldgs (NASDAQ:CNSL)

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In a report published Wednesday, D.A. Davidson & Co. analyst Donna Jaegers reiterated a Neutral rating on

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Consolidated Communications

(NASDAQ: CNSL), and raised the price target from $19.00 to $20.00.In the report, D.A. Davidson & Co. noted, “On June 30th, CNSL announced the acquisition of Enventis (ENVE-$15.90) for ~$350 million. Each ENVE share will convert into 0.7402 shares of CNSL with cash paid in lieu of fractional shares. CNSL is paying 7.3x ENVE 2013 EBITDA, or 5.6x expected post-synergy EBITDA. The acquisition is expected to close by year-end 2014 after DOJ, FCC and state regulatory approval.”Consolidated Communications closed on Tuesday at $22.27.