Janney Montgomery Scott Downgrades Connecticut Water Service (CTWS) to Neutral
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Janney Montgomery Scott downgrades Connecticut Water Service, Inc. (Nasdaq: CTWS) from Buy to Neutral.
Janney analyst says, "Connecticut Water’s third quarter results are a prime example of the weather risk that small, single-state water utilities face, as wet weather “drowned out” any positive results. The company has been a bright spot in an otherwise gloomy water utility environment, as the company has been posting solid year-over-year growth and is one of few utilities to post any stock appreciation year to date. Looking forward, we expect the company’s earnings strength to moderate slightly next year, as increased rates from the rate “re-opener” and benefits from the Eastern acquisition are included in comparative results for 2009. With an overall contraction in peer group valuation multiples, we do not see any immediate share price expansion and downgrade to NEUTRAL from Buy, as the stock is trading near our $25 fair value."
Connecticut Water Service, Inc. is a non-operating holding company, whose income is derived from the earnings of its four wholly owned subsidiary companies. The Company's business is divided into three segments: Water Activities, Real Estate Transactions, and Services and Rentals.
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