BofA lowered the firm’s price target on Middlesex Water (MSEX) to $55 from $60 and keeps an Underperform rating on the shares. Middlesex filed a rate case in New Jersey this week, requesting a $25M revenue increase to base rates, the analyst tells investors in a research note. The firm expects Middlesex to file for recovery under a water treatment and environmental compliance rider in New Jersey in the coming months, which will outline costs for the CJO plant upgrades.
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