TD Securities analyst Aaron Bilkoski downgraded ARC Resources (AETUF) to Sell from Buy with a price target of C$32.80, up from C$32, after the company entered into an agreement to be acquired by Shell for $32.80 per share. TD believes the offer fairly values Arc under its current commodity price outlook. Competing offers are possible, but a low probability event, the analyst tells investors in a research note.
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