Middlesex Water price target raised to $53 from $51 at BofA

BofA raised the firm’s price target on Middlesex Water (MSEX) to $53 from $51 and keeps an Underperform rating on the shares. The firm notes the company reported Q3 2025 EPS of 77c versus consensus’ 85c and Q3 2024 EPS of 80c. The miss was driven primarily by unfavorable wet weather conditions in July across its NJ and DE service territory that led to lower volumetric consumption revenues. The quarterly print represents the third straight quarterly miss to consensus, and year-to-date EPS through three quarters is down 3.6% year-over-year, BofA points out. The firm thinks beneficial impacts from a settlement in multi-party litigation in 2024 were not fully captured in its/consensus estimates and lower revenues exacerbate issues in 2025 EPS.