UPDATE: Hilliard Lyons Downgrades California Water Service Group to Neutral on Valuation

Hilliard Lyons downgraded California Water Service Group CWT from Long-term Buy to Neutral and removed the price target of $20.00. Hilliard Lyons commented, "We are downgrading shares of CWT from Long-term Buy to Neutral. Shares have rallied sharply over the past 2-3 months, and closed Friday just ~1% below our previous price target of $20. … With only minimal changes in our forward outlook for the company, we believe the stock rally has shifted the risk/reward proposition of shares such that we prefer to delay further accumulation in the name pending a more compelling entry point." California Water Service Group closed at $19.81 on Friday.