New Jersey Resources price target lowered to $50 from $52 at Mizuho

Mizuho analyst Gabriel Moreen lowered the firm’s price target on New Jersey Resources (NJR) to $50 from $52 and keeps a Neutral rating on the shares. The market’s shift last week towards a “risk on” environment. While this may compress natural gas u ilities multiples in the near-term, the long-term investment theses are largely intact and the group is well positioned in the event of a reversion to risk-off sentiment, the analyst tells investors in a research note.