UPDATE: Hilliard Lyons Downgrades Artesian Resources to Neutral on Valuation

Hilliard Lyons reduced its rating on Artesian Resources

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.