American Water price target raised to $140 from $134 at BofA

BofA analyst Julien Dumoulin-Smith raised the firm’s price target on American Water to $140 from $134 and keeps an Underperform rating on the shares. Fundamentally, the firm believes that water utilities should trade at less of a premium to electric utilities and calls the stock’s current 50%-plus premium "too expensive." The firm’s higher price target is due primarily to a mark-to-market of the water sector, but it adds that "many high growth electrics are more attractive to us."