Global Water Resources downgraded to Hold from Buy at Freedom Capital

Freedom Capital downgraded Global Water Resources (GWRS) to Hold from Buy with a price target of $9.60, down from $11.50. The company reported weak Q3 financial results, as both the bottom line and EBITDA were negatively affected by accelerated operating expense growth, the analyst tells investors in a research note. The firm added that it incorporated the Q3 financial into its model and reduced expectations for the upcoming rate base revision by 25% to reflect potential setbacks in the approval process.