UPDATE: Hilliard Lyons Upgrades Aqua America to Long-Term Buy on Strong Q3 Results
Hilliard Lyons raised its rating on Aqua America (NYSE: WTR) from Neutral to Long-term Buy with a $29 price target.
Hilliard Lyons noted, "We believe momentum due to the 2012 drought and natural gas water supply initiative has subsided, thus bettering the risk/reward proposition of shares as we continue to be impressed by results. At our price target, shares would trade in line with 5‐year P/E multiples based on our 2013 estimates, which we believe is appropriate given our positive fundamental outlook."
Aqua America closed at $25.28 on Friday.
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