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UPDATE: Hilliard Lyons Downgrades Artesian Resources to Neutral on Valuation

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Hilliard Lyons reduced its rating on Artesian Resources (NASDAQ: ARTNA) from Long-term Buy to Neutral.

Hilliard Lyons commented, "We are lowering our rating on shares of ARTNA to Neutral from Lon-term buy. A ~28% rise in price YTD leaves  shares  trading at  19.6x  our  2013 estimate, a fair valuation in our opinion.  Additionally,  we  believe  impacts  from  our identified  positive  catalysts  of  the  Delaware rate case, precipitation normalization on the Delmarva, and  the  Maryland  acquisition  are adequately reflected in the current stock price."

Artesian Resources closed at $24.10 on Friday.

Latest Ratings for ARTNA

DateFirmActionFromTo
Apr 2014Hilliard LyonsUpgradesNeutralLong-term Buy
Nov 2012Hilliard LyonsDowngradesLong-term BuyNeutral
Aug 2012Hilliard LyonsUpgradesBuyLong-term Buy

View More Analyst Ratings for ARTNA
View the Latest Analyst Ratings

Posted-In: Hilliard LyonsAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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