UPDATE: Morgan Keegan Downgrades Thomas & Betts to Perform

Morgan Keegan lowers its rating on Thomas & Betts (NYSE: TNB) to Perform from Outperform on the company's acquisition by ABB, which should see no competing offer to suggest any upside in shares. Price target of $70 is revised up, to $72.

Morgan Keegan says, "The combination of ABB and TNB allows for each company to enjoy new customer channels, a complementary product offering, and proprietary brands. ABB will significantly raise its North American profile within their low voltage products division, balancing its geographic footprint. In addition, the transaction will advance T&B's goal of increasing its exposure to faster growing, non-North American markets through the size and scale of ABB's network abroad."

TNB closed at $71.31 a share on Monday.