IEA Gets Analysts Downgrade As Competing Bids Are Less Likely

DA Davidson analyst Brent Thielman downgraded Infrastructure & Energy Alternatives Inc IEA to Neutral from Buy and reduced the price target to $14 (an upside of 1.8%) from $15.
MasTec, Inc. MTZ recently agreed to acquire IEA in a cash-and-stock transaction at $14.00 per share. The analyst stated that the implied takeout value is fair, and the likelihood of another bid is low.
Related: MasTec Acquires Infrastructure And Energy Alternatives For $1.1B
Stifel analyst Noelle Dilts downgraded IEA to Hold from Buy and lowered the price target to $14 (an upside of 1.8%) from $17.
The analyst had previously discussed that MasTec and IEA could be "an interesting fit from a strategic standpoint," and predicts a low likelihood of a competing bid.
Price Action: IEA shares are trading higher by 0.15% at $13.77 on the last check Tuesday.

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