Middlesex Water price target lowered to $59 from $69 at Baird

Baird analyst Ben Kallo lowered the firm’s price target on Middlesex Water to $59 from $69 and keeps an Outperform rating on the shares. The firm said their Q4 and full-year 2023 earnings results were below estimates and lower year-over-year following a record 2022. They also recently received a decision in its rate case from the NJBPU which we believe was roughly in line with management’s expectations for ROE.