New Jersey Resources upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded New Jersey Resources to Neutral from Underweight with a price target of $46, up from $44. A meeting with management left left the firm “more constructive” on the company’s next twelve month outlook, particularly relative to recent stock weakness. The company’s 2024 guidance to be initiated on the fiscal Q4 earnings call this fall, should land above the high end of its growth rate and represents a positive near-term catalyst for the shares, the analyst tells investors in a research note.