UPDATE: Hilliard Lyons Downgrades Artesian Resources to Neutral on Valuation
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
|Apr 2014||Hilliard Lyons||Upgrades||Neutral||Long-term Buy|
|Nov 2012||Hilliard Lyons||Downgrades||Long-term Buy||Neutral|
|Aug 2012||Hilliard Lyons||Upgrades||Buy||Long-term Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.