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American Water Works started at Outperform by Baird

  • American Water Works (AWK -0.1%) is initiated with an Outperform rating and $82 price target at Baird, which believes the company should be able to drive consistent earnings growth through investments in water infrastructure, acquisitions in the regulated market and growth in market-based segments.
  • The firm also expects AWK to consistently increase its rate base through its broad geographical footprint.
  • Although current water utility valuations are high based on historical multiples, Baird believes AWK is well positioned to remain a market leader, which should demand a premium multiple.
  • Baird also starts coverage of California Water (CWT -1%) and Aqua America (WTR -0.7%) with Neutral ratings; CWT should see a step up in revenue and earnings beginning in 2017, pending a final decision on the 2015 general rate case in California, while WTR offers solid long-term prospects given its capital investment strategy and successful track record of growth through acquisitions.

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American Water Works Company, Inc.