New Jersey Resources initiated with an Outperform at Raymond James

Raymond James initiated coverage of New Jersey Resources (NJR) with an Outperform rating and $49 price target The firm is constructive on New Jersey Resources’ ability to differentiate itself among steadier gas utility players through its well-run core New Jersey Natural Gas utility, while New Jersey Resources has consistently performed well and runs a quality financial model, the analyst tells investors in a research note. Despite a relatively larger spending program, this is not a “growth equity” story, the firm argues, contending that the company’s financial model is working “incredibly well.”