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Brean Capital Upgrades American States Water (AWR) to Buy

February 28, 2014 7:15 AM EST Send to a Friend
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Price: $31.01 --0%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 2
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Brean Capital upgraded American States Water (NYSE: AWR) from Hold to Buy with a price target of $33.00.

Analyst Michael Gaugler said, "We're upgrading the shares of AWR from Hold to Buy and establishing a $33 price target based on valuation. After reviewing 4Q13 results and making some modifications to forward estimates, we had the requisite 10% upside to our fair value estimate to allow for an upgrade. While we expect minimal YOY earnings growth in 2014 versus 2013, valuation dictates we acknowledge the discrepancy to fair value. We also note that upside exists to our forward estimates, particularly for 2015, if AWR is able to secure new military base contracts for its ASUS subsidiary. Our $33 price target is based on our sum-of-the-parts valuation, and we recommend investors begin accumulating positions, albeit opportunistically, to allow sufficient upside."

For an analyst ratings summary and ratings history on American States Water click here. For more ratings news on American States Water click here.

Shares of American States Water closed at $29.40 yesterday.

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