SJW Group price target raised to $57 from $53 at Wells Fargo

Wells Fargo raised the firm’s price target on SJW Group (SJW) to $57 from $53 and keeps an Equal Weight rating on the shares following a positive year-end 2024 update. The 25% increase in 5-year capex budget exceeded the firm’s expectations and drives upside to its EPS forecast but ratchets up execution, regulatory and financing risks.