Wells Fargo upgrades American States Water to Equal Weight, ups target to $87

As previously reported, Wells Fargo analyst Jonathan Reeder upgraded American States Water to Equal Weight from Underweight with a price target of $87, up from $80. The firm notes shares of American States Water have trailed larger cap peers and now trade at about 5% price to earnings premium multiples to water peers based on Wells’ 2024-2026 EPS. The firm believes American States Water’s track record of earning at or above its allowed ROEs, constructive regulatory outcomes and execution track record are worthy of its historical premium multiple.