UPDATE: Ladenburg Thalmann Upgrades Connecticut Water Service to Buy on Regulatory Outlook
Ladenburg Thalmann raised its rating on Connecticut Water Service (NASDAQ: CTWS) from Neutral to Buy with a reiterated $32 price target.
Ladenburg Thalmann commented, "New PURA Commission Offers Likely Improved Climate for Water Utilities. In the past 6 months, Connecticut Governor Dan Malloy has appointed 2 new members to CT's 3-Director (Commissioner) Public Utilities Regulatory Authority. The first, Chairman Arthur House, is a former Congressional aide who later held lobbying positions for several healthcare companies as well as held the role of Director of Communications for the Director of National Intelligence. The second, Michael Caron, is a former industry lobbyist and Republican CT lawmaker, and has expressed interest in energy efficiency and renewables. With PURA facing intense public pressure to improve the state's electric infrastructure in the wake of two notable storm-related failures, we believe the foundation for a more constructive Connecticut water utility regulatory environment is now in place."
Connecticut Water Service closed at $29.31 on Monday.
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