SJW Group upgraded to Buy from Neutral at Seaport Research

Seaport Research analyst Angie Storozynski upgraded SJW Group (SJW) to Buy from Neutral with a $68 price target. Eversource (ES) is selling its Connecticut-based Aquarion Water to shore up its balance after offshore wind-related write downs and SJW’s Connecticut Water is the only utility in Connecticut with decent regulatory relationships with PURA, the state’s utility regulator, which makes SJW likely the only buyer for Aquarion with “a clear and timely path to regulatory approvals of such a deal,” the analyst tells investors. The acquisition could be 7%-plus accretive to the firm’s 2026 standalone EPS estimate for SJW, the analyst noted.