UPDATE: Societe Generale Downgrades American Water Works to Hold

Societe Generale is out with its report today on American Water Works (NYSE: AWK), downgrading AWK from Buy to Hold.

In a note to clients, Societe Generale writes, "Having gained 50% in the last 12 months, AWK is trading just a tad below our $30 target price, prompting us to move to Hold from Buy. We remain positive overall on the North American water market, characterised by increasing demand for water treatment and industry consolidation pressure, but also a depressed housing market (no new residential demand at this stage). As a ‘pure play' (95%) regulated water company, American Water Works offers strong earnings visibility but now looks fully valued."

Shares of AWK closed Thursday at $29.41, up 0.38% from Wednesday's close.