These Analysts Revise Their Forecasts On EQT Following Merger News
Portfolio Pulse from Avi Kapoor
EQT Corporation (NYSE:EQT) announced a definitive merger agreement to acquire Equitrans Midstream Corporation (NYSE:ETRN) in an all-stock transaction, creating a combined company valued over $35 billion. The deal, approved by both boards, expects closure in Q4 2024. Post-announcement, EQT's stock fell 0.9%. Analysts revised EQT's price targets, with B of A Securities raising it to $60, while Scotiabank, BMO Capital, and Truist Securities reduced theirs.
March 12, 2024 | 6:21 pm
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POSITIVE IMPACT
Equitrans Midstream Corporation is set to be acquired by EQT Corporation in an all-stock transaction, aiming for a Q4 2024 closure. Each ETRN share will be exchanged for 0.3504 shares of EQT.
The acquisition announcement typically leads to a positive short-term price movement for the company being acquired, as the market reacts to the premium offered in the transaction.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
NEGATIVE IMPACT
EQT Corporation's stock fell 0.9% following the announcement of its merger with Equitrans Midstream Corporation. Analysts have revised EQT's price targets, with B of A Securities raising it to $60, while others reduced their targets.
The immediate negative reaction in EQT's stock price (-0.9%) indicates market skepticism or cost concerns regarding the merger. Analysts' mixed revisions on price targets reflect uncertainty and varied expectations on the merger's financial impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100