Ladenburg Thalmann’s Richard Verdi, upgraded American States Water Co. Inc. NYSE from Sell to Neutral while lowering the price target from $40.00 to $39.00. The analyst rating change came in response to the company's Q1 results which although it “meaningfully fell short of consensus, the metric outperformed our estimate.”
Verdi expressed concern with American States Water due to their remarks during the earnings conference call. Comments especially of interest during the call were those which described a delayed GRC project and decreased guidance on sales. Due to these concerns, LT cut revenue estimates from $481.0 to $455.0 and eps from $0.47 to $0.39 for American States Water.
Top of the Line Management
“We believe American States has one of the highest-quality management teams in the water space” the LT analyst stated. Verdi considered AWR to be “about fully valued,” however, due to weak infrastructure limiting management's prospects.
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