California Water Service initiated with a Neutral at UBS

UBS analyst Gregg Orrill initiated coverage of California Water Service with a Neutral rating and $67 price target as part of a broader research note on Water Utilities titled "Looking for Value". Water utilities have attractive characteristics for a defensive market environment and offer positive fundamentals which include 7% EPS growth potential, significant investment opportunities from pipe replacement and water access, the analyst tells investors in a research note. Orrill adds that California Water Service awaits California Public Utility Commission rulings in its cost of capital and general rate case proceedings, though he believes that the stock prices in no changes for the cost of capital proceeding or rate case settlement.