Freedom Capital initiated coverage of Middlesex Water with a Hold rating and $52 price target. The water utility operating in central New Jersey and Delaware has an "ambitious" investment plan for 2025-2027, expected to expand the regulated asset base and support shareholder returns, the analyst tells investors. While results may be affected by regulatory timing and elevated investment levels, rate-base growth and cost-recovery mechanisms "provide long-term earnings and dividend stability," the analyst added.
