Middlesex Water (MSEX) PT Lowered to $51 at BofA Securities

BofA Securities analyst Ross Fowler lowered the price target on Middlesex Water (NASDAQ: MSEX) to $51.00 (from $53.00) while maintaining a Underperform rating.

The analyst comments "We reiterate our Underperform rating on MSEX and lower our PO to $51 from $53. We increase our applied relative P/E ratio to a group average (previously 5% discount) to reflect increasing corporate level M&A and our view that smaller cap water companies could be seen as acquisition candidates. We think EPS volatility is inherent to smaller cap utilities and are less concerned about weather-driven misses but remain cautious on regulatory risk and affordability concerns in New Jersey ahead of crucial rate cases."

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