UPDATE: Brean Murray Carret Raises American States Water's PT

According to a research report published earlier today, Brean Murray Carret has increased American States Water Company's (NYSE: AWR) PT from $40 to $41.

In the report, Brean Murray Carret said, “Although reported Water segment earnings in the quarter from continuing operations were lower YOY, the company's Electric and Contracted Services segments showed substantial improvement. With Golden State Water Company's (GSWC) expected retroactive rate increases (to 1/1/12) on the horizon once regulatory approval is granted, our view is that 2012 EPS should show modest growth versus 2011. We have raised our forward estimates, and our target price from $40 to $41, based on the shares attaining a P/E level of 18x our 2012 EPS estimate of $2.28.”

Brean Murray Carret maintains its Buy rating on American States Water Company, which closed yesterday at $36.65.