JPMorgan upgraded Altus Power (AMPS) to Neutral from Underweight with a $5 price target after the company received a takeover offer from TPG. The firm expects shareholder approval of the deal, noting the buyout price represents a 44% premium to a broad basket of renewable downstream owner and operators, a 66% premium compared with the unaffected price immediately prior to Altus Power’s announcement of strategic alternatives.
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