As previously reported, Credit Suisse analyst John Edwards upgraded Midcoast Energy (MEP) to Neutral from Underperform after the company announced that it has entered into a definitive merger agreement with Enbridge Energy Company, an indirect subsidiary of Enbridge (ENB), where Enbridge Energy Company will acquire all outstanding Midcoast Energy units for $8/each. The analyst believes the $8 per unit is "fair" given declining volumes and 2017 EBITDA which he forecasts to be down 32% year over year. Edwards also raised his price target on Midcoast Energy's to $8 from $6.