BofA analyst Ross Fowler downgraded American States Water (AWR) to Underperform from Neutral with a price target of $71, down from $85, citing the stock’s relative premium to the water group and the firm’s view that high premium utilities continue see compression versus value. However, the firm adds that it sees no fundamental degradation in earnings quality or growth and continues to view American States as “one of the best managed water utilities in our coverage.”
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