Global Water Resources initiated with a Hold at Freedom Capital

Freedom Capital initiated coverage of Global Water Resources (GWRS) with a Hold rating and $10.50 price target The regulated water utility in Arizona’s “fastest-growing counties” combines strong organic connection growth with a proven consolidation strategy, says the analyst, who notes that Global Water delivers annual connection growth of 3%-4%, which is “well above” the U.S. peer average. The firm, which calls the medium-term outlook “strong,” expects net income to increase from $5.8M in 2024 to $12M in 2027 as new rates are phased in, the analyst added.