Encore Wire downgraded to Neutral from Buy at DA Davidson

DA Davidson downgraded Encore Wire to Neutral from Buy with an unchanged price target of $295 after the company entered into a definitive merger agreement under which Prysmian will acquire Encore Wire for $290 per share in cash. The firm sees potential for higher values for the shares beyond the takeout price but also insufficient evidence that a competing offer is highly likely or that Encore could remain a public company.