Ladenburg Thalmann is out with its report today on California Water Service Group CWT, initiating CWT at Buy.
In a note to clients, Ladenburg Thalmann writes, "We initiate coverage of CWT with a BUY rating and 12-month price target of $42, which represents a one-year total return of 17.8%. Our price target is based on the stock trading at 20x our 2012 EPS estimate of $2.10, in line with the current Water Utility peer group average and CWT's historical trading range. CWT is currently one of the cheapest water utility stocks on a forward PE basis."
Shares of CWT closed Tuesday at $36.69.
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Posted In: Analyst ColorInitiationAnalyst RatingsCalifornia Water Service GroupLadenburg ThalmannUtilities
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