UPDATE: Brean Murray Carret Raises PT to $42 on American States Water Company on Solid Q1

Brean Murray Carret increases its price target from $41 to $42 on Buy-rated American States Water Company (NYSE: AWR) following solid results for Q1.

Brean Murray Carret comments, "AWR posted a solid 1Q12. Revenue in the quarter of $106.6 million (a 13% YoY increase) was ahead of our $101.9 million estimate (consensus was $99 million) and EPS of $0.53 beat our $0.44 estimate (consensus was $0.39). While earnings from AWR's water operations Golden State Water Company (GSWC) were essentially flat YoY, earnings from the electric and contracted services segments each contributed significantly to the bottom line. The company also provided a regulatory update. We are maintaining our Buy rating and raising our target price to $42 from $41, based on the shares attaining a level 17x our 2013 EPS estimate of $2.47. Risks include integration of acquisitions, weather, environmental regulations, regulation of rates, and interest rates."

AWR closed at $36.79 on Monday.