Essential Utilities price target lowered to $42 from $45 at UBS

UBS analyst Gregg Orrill lowered the firm’s price target on Essential Utilities (WTRG) to $42 from $45 and keeps a Buy rating on the shares. The company remains a low-risk, mid-cap water utility with utility average 6.5% EPS growth and a catalyst which is approval of the Aqua Pennsylvania rate case settlement in February, though the firm’s price target cut reflects the reduction in average comparable multiples, the analyst tells investors in a research note.