Wells Fargo Downgrades American States Water (AWR) to Underweight

Wells Fargo analyst Jonathan Reeder downgraded American States Water (NYSE: AWR) from Equal Weight to Underweight with a price target of $89.00 (from $94.00).

The analyst comments "Our AWR downgrade to UW (1) reflects a belief that the ~8% P/E premium to water peers on our 24E & 25E is more than adequate and (2) maintains our rating bias within the water sub-sector (2 UWs) to reflect our cautious stance relative to other utility sub-sectors as waters trade at ~60% P/E multiple premiums to regulated electric and gas utilities. Lower PT to $89/sh (~27.5X our 25E) from $94/sh."

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 $86.14 yesterday.

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