Middlesex Water price target lowered to $71 from $76 at Baird

Baird lowered the firm’s price target on Middlesex Water to $71 from $76 and keeps an Outperform rating on the shares. The firm reported Q3 results which were lower y/y in part due to higher costs, and lower than our estimates due to slower-than-estimated capex deployment. Baird lowered their estimates to reflect higher costs and adjusting capex spend.