Essential Utilities downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Jonathan Reeder downgraded Essential Utilities (WTRG) to Equal Weight from Overweight with a price target of $39, down from $43. The firm shuffled water utility ratings for the new year. The downgrade of Essential Utilities reflects minimal company-specific catalysts in 2025 to “trigger the long-awaited re-rate” of the shares combined with a belief that a potential re-rate in shares of California Water Service (CWT) offers more upside, the analyst tells investors in a research note.