Northcoast downgraded Essential Utilities (WTRG) to Neutral from Buy with a $46 price target after the company and American Water Works (AWK) announced that each company’s board of directors has unanimously approved a definitive agreement to combine in an all-stock, tax-free merger.
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Read More on WTRG:
- Video: Merger Monday with deals announced in biotechnology and banking
- Essential Utilities Merges with American Water Works
- American Water, Essential Utilities combination to be led by John Griffith
- American Water, Essential Utilities to combine in all-stock merger
- Essential Utilities price target raised to $43 from $42 at Barclays