Aqua America Upgraded To 'Buy' On Strong 1Q Profit

NEW YORK (AP) — Aqua America Inc.'s strong first-quarter results and recent share price drop prompted an analyst to upgrade the water and sewage utility Tuesday.

Janney Montgomery Scott's Debra Coy upgraded the stock to "Buy" from "Neutral," saying in a client note that encouraging first-quarter results "indicated that the company was poised to return to solid earnings growth in 2009."

Earlier this month the Bryn Mawr, Pa., company said its first-quarter profit rose 28 percent to $18.4 million, or 14 cents per share, compared with $14.3 million, or 11 cents per share during the same period last year, while revenue jumped 11 percent to $154.5 million from $139.3 million. ...