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Fly News Breaks for August 31, 2015
POM, EXC
Aug 31, 2015 | 07:15 EDT
After the District of Columbia Public Service Commission voted 3-0 against the proposed merger between Exelon (EXC) and Pepco (POM), Wells Fargo says there is a less than 50% chance of the merger being completed. As a result, the firm cut its price target range on Pepco to $23-$24 from $27.$27.50. It reduced its price target range on Exelon to $35-$36 from $36-$37. Wells keeps an Outperform rating on Exelon and a Market Perform rating on Pepco.
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