UPDATE: Brean Murray Carret & Co. Downgrades American States Water; Removes PT

According to a research report published Thursday, Brean Murray Carret & Co. has downgraded American States Water Company (NYSE: AWR) from Buy to Hold, and removed its $42 PT.

In the report, Brean Murray Carret & Co. said, "We now consider the shares fairly valued; they are trading just below our target price of $42, and well above the lower end of historical forward and trailing P/E multiples. We also note that the dividend yield of 2.7% is toward the bottom of the recent historical range. We remain optimistic about American States Water's future prospects, but for now we will await a more favorable valuation for the shares and/or specific catalysts before recommending investors once again purchase shares. We suggest investors look toward other water utilities that we consider to have more favorable valuations among our Buy‐rated universe."

American States Water Company closed Wednesday at $41.52.