H2O America initiated with a Hold at TD Cowen

TD Cowen initiated coverage of H2O America (HTO) with a Hold rating and $64 price target The firm recognizes that the Quadvest acquisition could be transformative, but is “concerned that the near-term dilution is greater than Street expectations.” Additionally, TD Cowen feels that post-2027 growth is “highly dependent on a reasonable rate case outcome in Texas to reset Quadvest tariffs.”