UBS analyst Gregg Orrill upgraded American Water (AWK) to Buy from Neutral with a price target of $155, up from $151. The company’s recent $1B increase in its capital plan and meetings with management at the Edison Electric conference give UBS increased confidence the company can deliver its consistent 8% earnings growth through 2028 despite the 2027 expiration of 30c of interest income on secured notes, the analyst tells investors in a research note. The firm cites the company’s strong balance sheet and growth potential for the upgrade.
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