UPDATE: Ladenburg Thalmann Initiates Connecticut Water Service at Neutral (CTWS)

Ladenburg Thalmann is out with its report today on Connecticut Water Service CTWS, initiating CTWS at Neutral. In a note to clients, Ladenburg Thalmann writes, "Though we believe a premium for CTWS shares is warranted, we do not see a catalyst for a 15% 12-month total return at this time. As a result, we initiate coverage of Connecticut Water Service, Inc. with a NEUTRAL rating. Our $25 price target is based on the shares trading at 20x our 2013 EPS estimate of $1.25, a 12% premium to the water utility peer group, which is in-line with the stock's historical average trading range." Shares of CTWS closed Tuesday at $25.06, down 0.20% from Monday's close.