California Water upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Jonathan Reeder upgraded California Water Service (CWT) to Overweight from Equal Weight with a price target of $52, down from $56. The firm shuffled water utility ratings for the new year. Wells believes California Water shares could re-rate meaningfully over the next 12-24 months. The company is poised to deliver much more consistent, utility-like earnings growth going forward, the analyst tells investors in a research note.