UPDATE: Brean Murray Carret Downgrades CH Energy Group to Hold

Brean Murray Carret lowers its rating on CH Energy Group

to Hold from Buy based on valuation and suspends its previous target of $69. Brean Murray Carret says, "With a $65 per share offer from Fortis in place to acquire the company, coupled with the shares trading above the $65 offer, we no longer feel comfortable recommending investors purchase shares at current levels.  We also note that at Friday's closing price of just under $67, there remains limited upside to our previous target price of $69.   We recommend investors continue to hold shares versus selling them.   In our view, downside from current levels is limited, given the company's strong future growth opportunities." CHG closed at $66.62 a share on Friday.