Middlesex Water: Not My Favorite Utility, Though Valuation Has Improved (Rating Upgrade)
Middlesex Water Company has seen a significant correction from its previous overvaluation. Although the company's operational results have shown some improvement, it remains a slow-growing and defensive utility. The current interest rate environment and rising bond yields continue to exert pressure on Middlesex and its peers, limiting potential upside.
- ▪Middlesex Water shares fell after a period of overvaluation.
- ▪The company's operational results have improved recently.
- ▪Higher yields and interest rates are limiting the upside for Middlesex Water.
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