Ladenburg Thalmann Maintains Middlesex Water Neutral, $20 PT

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Ladenburg Thalmann maintained its Middlesex Water
MSEX
Neutral rating and $20 price target in a research report published today. In the report, Ladenburg Thalmann stated, "The company wrapped the year on a strong note, investing $6M in the system for a total 12M capex rate of ~$24M, above our $20M estimate. Rapid investment will further enhance rate base growth, setting the stage for recovery through the company's next NJ general rate case, which dependent upon water consumption trends, would likely come in late 2014. The company expects it will spend at a moderately slower rate overall in 2012 and 2013." Shares of Middlesex Water were trading at $18.32 at the time of posting, up 0.33% from Wednesday's market close.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsLadenburg Thalmann
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