California Water Service price target raised to $59 from $54 at Wells Fargo

Wells Fargo raised the firm’s price target on California Water Service (CWT) to $59 from $54 and keeps an Overweight rating on the shares. The firm says 2025 is off to a strong start. Management noted results are ahead of internal expectations as a host of favorable items contributed. Should the execution continue, Wells’ 2025 EPS could prove conservative. That said, the firm remains mindful that it is the 3rd year in the GRC cycle and uncertainties exist around potential cost pressures later in the year.