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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "The slide uses a table of analyst ratings, a pie chart of the recommendation mix, and two small tables showing revenue and EPS forecast revisions to argue that analysts are ignoring negative signals.",
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      "text": "WTRG is covered by fewer analysts than in the past, but its roster still include a mix of low-tier stock promoters that have a resounding “Buy” opinion and collectively see 32% upside.",
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      "text": "Price Target: $54.88",
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      "text": "WTRG is covered by fewer analysts than in the past, but its roster still include a mix of low-tier stock promoters that have a resounding “Buy” opinion and collectively see 32% upside. Not surprisingly, the most bullish analyst is from a firm with local roots near the Company’s headquarters outside of Philadelphia. We believe investors should pay close attention to the opinion of Morningstar, the lone analyst that says “Sell” and is an independent voice that is not compensated by WTRG. We believe analysts are not paying attention to signs that WTRG is under financial pressure by lowering financial estimates and price targets far enough. One bold analyst even boosted the price target despite WTRG’s new goodwill impairment warning.",
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      "text": "Source: Bloomberg. Note: NorthCoast and Wells Fargo revised price targets lower by $2/sh and $1/sh, respectively post-earnings while Evercore boosted its target by $4/sh. Based on closing price of $46.86 per share.",
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      "text": "Unrealistic Upside Targets",
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