American Water downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Durgesh Chopra downgraded American Water to In Line from Outperform with a price target of $135, down from $160. While the firm is confident in the company’s “enviable” long-term growth prospects, the firm sees limited near-term upside in shares as investors seek clarity on the filed rate cases. Shares have materially outperformed peers and “it’s hard to ignore rate case risks for the balance of the year” with American Water having eight ongoing rate cases, the analyst tells investors.