Middlesex Water upgraded to Outperform from Neutral at Baird

Baird analyst Davis Sunderland upgraded Middlesex Water (MSEX) to Outperform from Neutral with an unchanged price target of $61. The company reported a strong Q4 which beat estimates for all key metrics including regulated capex spending, the analyst tells investors in a research note. The firm says Middlesex’s long-term growth estimates for capital investment, which were previously omitted, were ahead of estimates. Baird expects investor sentiment to improve broadly and views current levels as an attractive entry point for the shares.