Vivint Smart Home downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Paul Chung downgraded Vivint Smart Home (VVNT) to Neutral from Overweight with a price target of $12, up from $10, after the company reached an agreement to be acquired by NRG Energy (NRG) in all cash for $2.8B and assumption of $2.4B of net debt. The analyst views the deal as good for Vivint saying despite the company’s "strong execution," it valuation multiples remained "stubbornly below" historical averages.