UPDATE: Brean Murray Carret Downgrades CH Energy Group to Sell on Probability of Sale to Fortis

Brean Murray Carret reduces its rating on CH Energy Group (NYSE: CHG) from Hold to Sell, while keeping the price target at $65.

Brean Murray Carret comments, "We are lowering our rating to Sell with a target price of $65, based on the higher probability the company is sold to Fortis, given the shareholder vote yesterday approving the transaction.   Our view is that investors should redeploy capital across the remainder of our coverage universe of gas/electric utilities that offer significant upside potential."

CHG closed at $64.93 on Tuesday.