TransAlta Renewables downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse downgraded TransAlta Renewables (TRSWF) to Neutral from Outperform with a price target of C$13, down from C$14.50, after TransAlta (TAC) agreed to acquire the company. The firm does not foresee a competitive offer for Renewables and, perhaps more importantly, transactional dynamics look additive to TransAlta, lessening the issue of vulnerability from an extended offer.