New Jersey Resources price target raised to $51 from $47 at Wells Fargo

Wells Fargo raised the firm’s price target on New Jersey Resources to $51 from $47 and keeps an Equal Weight rating on the shares ahead of the busy Q3/EEI season. The firm expects New Jersey Resources’ fiscal year-end 2024 update to be relatively straightforward. Further, Wells expects some form of roll-forward to the 7%-9% CAGR as the 2022 base is stale though it’s unclear if the base year will be 2023 or 2025.