Middlesex Water upgraded to Buy at Janney after pullback

Janney Montgomery Scott analyst Michael Gaugler upgraded Middlesex Water (MSEX) to Buy from Neutral with an unchanged fair value estimate of $66. The forward outlook remains “very positive,” with the Delaware rate case entering the final stages of the process and an expected New Jersey rate case filing sometime in 2025, says the analyst, who believes now is “an appropriate time for investors to begin building or adding to positions” following a pullback in the share price.