New Jersey Resources initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of New Jersey Resources (NJR) with an Overweight rating and $63 price target Wells rolled out coverage on 11 stocks across the natural gas local distribution company space. Utility investing continues to skew toward growth and data center exposed names, but Wells sees some “select opportunities to find GARP and/or undervalued assets,” the analyst tells investors in a research note. The firm recommends a “more nimble / selective” approach to the natural gas group. Its two Underweight calls are largely valuation driven.