Why This Analyst Sees Downside to New Jersey Resources'' Valuation New Jersey Resources Corporation (NYSE: NJR ), an energy services company, will likely face two challenges, according to an analyst at BofA Securities. The New Jersey Resources Analyst: Julien Dumoulin-Smith downgraded shares of New Jersey Resources from Neutral to Underperform and reduced the price target from $43 to $39. The New Jersey Resources Thesis: The rate case filed by New Jersey Natural Gas will prove difficult, analyst Dumoulin-Smith said in a note. The NJNG rate cases through 2024, according to the analyst, will be critical to the outlook. The steep rate increase request of about 25% will be scrutinized by intervenors, he added. Secondly, execution at NJR Clean Energy Ventures, or CEV, is uncertain due to Full story available on Benzinga.com