Ladenburg Thalmann Reiterates Buy On SJW Corp.

Ladenburg Thalmann is out with a research report on SJW Corp. SJW and is reiterating its Buy rating and $29 price target on shares after earnings. In a note to clients, Ladenburg Thalmann writes, "Heavy winter rains replenished the company's supplies of inexpensive surface water and ended drought restrictions that negatively affected water sales in 2010. Last year, the company was forced to augment water supplies with a higher level of purchased water, which compounded the negative earnings impact of reduced sales. The reversal of this dynamic clearly demonstrated its importance in 2Q11, and we expect the trend will continue through the high-consumption summer and fall months." Shares of SJW closed at $22.76 yesterday.