Barclays analyst Nicholas Campanella double downgraded Essential Utilities (WTRG) to Underweight from Overweight with a price target of $38, down from $43. The firm says that while water multiples de-rated in 2025, it continues to be negative on the group into 2026. Multiple state level merger proceedings and rate cases across Essential’s portfolio are “un-timely” given election, mid-term and overall affordability considerations in 2026, the analyst tells investors in a research note.
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