Analyst Note
| Andrew Bischof, CFA, CPA |We are reaffirming our $131 fair value estimate after American Water Works reported first-quarter operating earnings per share of $0.87 compared with $0.73 in the year-ago period. The company reaffirmed 2022 earnings guidance of $4.39-$4.49 and its long-term 7%-9% growth target, both in line with our estimates. Our narrow moat and stable moat trend ratings are unchanged.