UPDATE: Wedbush Cuts PT to $3.75 on EnergySolutions Following Acquisition Agreement

Wedbush reiterated its Neutral rating on EnergySolutions

and reduced its price target from $4 to $3.75. Wedbush said, "Before market open, EnergySolutions (ES) announced in a press release that the company has entered into a definitive acquisition agreement to be acquired by a subsidiary of Energy Capital Partners II, LLC ("ECP"). Under the terms of the agreement, ES' shareholders are expected to receive $3.75 in cash for each share of common stock, or an enterprise value of $1.1 billion. Closing is subject to customary closing conditions, including regulatory approval, but timing is expected to be elongated and likely stretching into the second quarter of 2013 given the number of regulatory agencies involved in the operations." EnergySolutions closed at $3.72 on Friday.