Mizuho lowered the firm’s price target on American Water to $131 from $140 and keeps a Buy rating on the shares. The company is currently in several rate cases across its footprint and faces opposition to acquisitions in the state of Pennsylvania, the analyst tells investors in a research note. The firm believes American Water can achieve constructive decisions in regulatory arenas in its key jurisdictions, sees no wildfire risk, and says the company has a strong balance sheet with minimal equity needs.
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