American States Water downgraded to Underweight at Wells Fargo

Wells Fargo downgraded American States Water (AWR) to Underweight from Equal Weight with a price target of $77, down from $84. The firm shuffled water utility ratings for the new year. The downgrade of American States Water rating reflects the belief that the shares of offer the lowest total return potential out of Wells’ five covered water utilities, the analyst tells investors in a research note. The firm says the stock’s current relative multiple “seems a bit rich.”