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Fly News Breaks for May 15, 2019
SJW, CTWS
May 15, 2019 | 06:50 EDT
UBS analyst Dan Ford initiated SJW Corp (SJW) with a Neutral rating and a price target of $64, saying the stock is "fairly valued" whether its proposed merger with Connecticut Water Service (CTWS) goes through or not. The analyst notes that the "fits and starts" around the combination discussions, along with the uncertain outcome of the regulatory review, have resulted in the market pricing in appropriately "little expectation for an accretive outcome." Ford adds that the merger would likely yield only "modest accretion" in its early years rather than the "high single digit" percent accretion modeled by the company.
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