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Ladenburg Thalmann Upgrades American States Water To Neutral Following Q1 Report


Ladenburg Thalmann’s Richard Verdi upgraded American States Water Co. Inc. (NYSE: AWR) from Sell to Neutral while lowering the price target from $40 to $39. The 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 its remarks during the earnings conference call. Comments especially of interest during the call were those that described a delayed GRC project and decreased guidance on sales. Due to these concerns, Ladenburg cut revenue estimates from $481.0 million to $455.0 million 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” Verdi stated. The analysts considered American States Water to be "about fully valued," however, due to weak infrastructure limiting management's prospects.

Latest Ratings for AWR

Sep 2020Wells FargoUpgradesEqual-WeightOverweight
Jun 2020UBSMaintainsSell
May 2020Seaport GlobalInitiates Coverage OnBuy

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Posted-In: Ladenburg Thalmann Richard VerdiAnalyst Color Upgrades Price Target Analyst Ratings

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