Brean Murray Carret & Co. Raises PT On CWCO To $13

Brean Murray Carret & Co. has raised its price target from $12 to $13 on Consolidated Water Co. CWCO following the release of 1Q11 results. According to Brean Murray Carret & Co., “1Q11 results cam in just short of expectations, primarily due to higher costs related to the business development activities of the Mexico joint venture (without the additional $1.1 million in G&A costs, EPS would have exceeded our estimates by three cents and matched 1Q10). Revenue of $13.9 million (which was above our $13.7 million estimate) decreased 5.3%, due primarily to the services segment, which generated $1.7 million less in revenue from a lack of plant construction activity. Total other income rose by $408,029 in 2011 due to a $295,104 increase in the Company's equity in the earnings of its investment in OC-BVI, which in February 2011 received a $1 million payment from the British Virgin Islands government pursuant to the October 2009 court award for the Baughers Bay plant litigation…” Brean Murray maintains a Buy rating on the stock. CWCO closed yesterday at $9.68.