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Middlesex Water downgraded to Neutral at Janney on valuation

As previously reported, Janney Montgomery Scott downgraded Middlesex Water (MSEX) to Neutral from Buy with shares now trading above the firm’s unchanged $66 fair value estimate. The firm believes a 25-times P/E multiple is “appropriate at this time,” but adds that it could see the shares reach or eclipse the previous 52-week high given current market conditions and volatility.

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