Fly News Breaks for July 11, 2019
NJR, SJI, NI
Jul 11, 2019 | 08:22 EDT
As previously reported, Guggenheim analyst Shahriar Pourreza upgraded New Jersey Resources (NJR) to Neutral from Sell citing valuation following the recent underperformance of the shares. He views the stock's current valuation as more balanced from a risk/reward perspective given the year-to-date underperformance of the stock and the company's solid outlook and "ever-increasing stability," but Pourreza still sees some better near-term value in peers such as South Jersey Industries (SJI) and NiSource (NI), he noted. He raised his price target on New Jersey Resources shares to $45 from $39, with the target increase predominately due to marking up his multiple.
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