New Jersey Resources (NJR) PT Raised to $51 at Mizuho

Mizuho analyst Gabriel Moreen raised the price target on New Jersey Resources (NYSE: NJR) to $51.00 (from $50.00) while maintaining a Neutral rating.

The analyst commented; "In our view, NJR's FY25e outlook is nearly fully baked as management still expects performance to be in line with its ~7-9% growth CAGR for NFE/sh. We thought NJR's most recent update was somewhat mixed as NJR raised its outlook for NJNG FY25 CapEx (+$22.5mn) related to its SAVEGREEN program that benefits from a near-real-time return, signaled progress on potential S&T expansions at Leaf River (more below on recently announced open season), and noted it reached an agreement in principle with respect to its Section 4 rate case at Adelphia Gateway. However, NJR lowered the FY25 CapEx outlook at 'CEV' (-$20mn) and management commentary seemed to temper medium-term growth expectations at the segment in the wake of OBBBA. Even with positive momentum in NJR's non-regulated businesses, we expect 'CEV' to remain a distraction."

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