Mizuho downgraded American Water to Neutral from Outperform with a price target of $140, up from $131. Following the resolution of two major rate case decisions this year in Pennsylvania and New Jersey, there are minimal catalysts to take shares higher, the analyst tells investors in a research note. The firm views American Water’s current 43% valuation premium to the sector to be fully reflective of its 7%-9% growth story.
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