MDU Resources initiated with a Neutral at JPMorgan

JPMorgan analyst Aidan Kelly initiated coverage of MDU Resources (MDU) with a Neutral rating and $22 price target MDU now operates as a pure-play regulated energy delivery company with direct exposure to infrastructure driven growth across the U.S. Northwest, the analyst tells investors in a research note. The firm sees limited room for multiple expansion, saying MDU’s double-digit premium valuation already reflects its growth trajectory.