JPMorgan analyst Tomohiko Sano downgraded Great Lakes Dredge (GLDD) to Neutral from Overweight with a price target of $17, down from $20, after the company announced a definitive agreement to be acquire by Saltchuk Resources for $17 per share in cash. The firm cites increased certainty of deal completion and limited remaining risks following the Saltchuk tender offer for the downgrade.
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