Consolidated Water rises on Brean Murray upgrade
Consolidated Water Co. Ltd. (Nasdaq: CWCO) shares are up after investment bank Brean Murray upgraded the operator of seawater desalination plants to a “buy” from “hold.” Brean Murray said reaction to a negative story in Barron’s was overblown.
In the Barron’s story, the magazine said Consolidated Water’s shares might drop by half if it did not resolve a dispute with the British Virgin Islands. Barron’s said if the Virgin Islands do not pay its bills, Consolidated Water’s 2008 earnings could be slashed by approximately one-third below the $1 forecasted by the Street.
In morning trading, CWCO shares are up 6.14%, or $1.51, at $26.11. Over the last 52 weeks, shares have ranged from $23.29 to $37.49.
