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.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MSEX:
- Middlesex Water downgraded to Neutral from Buy at Janney Montgomery Scott
- Middlesex Water’s Tidewater completes Ocean View water system acquisition
- Middlesex Water Company: Strong Financial Performance and Strategic Growth Justify Buy Rating
- Middlesex Water upgraded to Outperform from Neutral at Baird
- Middlesex Water Reports Strong 2024 Financial Growth