Baird last night initiated coverage of H2O America with an Outperform rating and $67 price target. H2O is a regulated water and wastewater utility operating in four states across the U.S., the analyst tells investors in a research note. The firm views the company as a leading national water and wastewater utility with improving geographic diversification. It expects rate base growth and says the shares are trading at an attractive discount to H2O's historical valuation multiples.
