UPDATE: Hilliard Lyons Upgrades Aqua America to Buy on Q4 and 2012 Results
Hilliard Lyons upgraded Aqua America (NYSE: WTR) from Long-term Buy to Buy and raised the price target from $31.00 to $33.00.
Hilliard Lyons commented, "For the full year 2012, EPS from continuing operations rose 43.7% to $1.32 from $0.92 in 2011. Including benefit from bonus depreciation, 2011 EPS was $1.02. Revenue grew 12.4% and 10.3% in Q4'12 and for the full year, respectively. .. Positive rate case impact and surcharges aided the top line in 2012, as did customer growth of 1.9%, which was partially attributable to 18 acquisitions. Weather was often in the headlines last year, but in our estimation, had little ultimate impact on EPS."
Aqua America closed at $28.61 on Monday.
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Tags: Hilliard Lyons