UPDATE: Ladenburg Thalmann Initiates Aqua America at Buy

Ladenburg Thalmann is out with its report today on Aqua America

, initiating WTR at Buy. In a note to clients, Ladenburg Thalmann writes, "We initiate coverage of WTR shares with a BUY rating and a $25 price target, representing a total return of 20%. Our target is based on the shares trading at 23.8x our 2012 EPS estimate of $1.06, in-line with the 10-year avg. FY+2 multiple. Our 2012 EPS est. is $0.02 below consensus." Shares of WTR closed Wednesday at $21.30.