tiprankstipranks
Essential Utilities downgraded to Hold from Buy at Jefferies
The Fly

Essential Utilities downgraded to Hold from Buy at Jefferies

Jefferies downgraded Essential Utilities (WTRG) to Hold from Buy with a price target of $41, down from $44, post the Q3 report. The firm says the water segment’s downward rate base revision to 6% from 8%, partially due to limited Delcora visibility, fell slightly below its expectations, likely due to a delayed East Whiteland deal and broader sector challenges. The analyst cites the slowdown in Essential’s water segment for the downgrade. The stock has re-rated successfully, and Jefferies now sees “less appeal to a non-electric, hybrid gas/water utility,” the analyst tells investors in a research note.

Don't Miss our Black Friday Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App