Wells Fargo upgraded American States Water (AWR) to Equal Weight from Underweight with a price target of $84, up from $76. The firm cites the company’s “solid start” to 2025 and the stock’s year-to-date underperformance for the downgrade. American States is a high quality water utility worthy of a premium valuation, and Wells now has increased confidence in its earnings forecasts, the analyst tells investors in a research note.
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