Avangrid downgraded to Sell from Neutral at Janney Montgomery Scott

Janney Montgomery Scott analyst Michael Gaugler downgraded Avangrid to Sell from Neutral with a $35 fair value estimate after Iberdrola offered to acquire the company for $34.25 per share. If not consummated, Avangrid shares could go back to price levels before the offer was made, the analyst tells investors in a research note. And if the offer is raised, it may not match or exceed where the shares closed yesterday, says Janney.