United Utilities shares (LON: UU) are trading up near highs, with a resistance around 1,160p once again seeing the price take a pause.
Bullish sentiment is growing however, with shares up 9.5% since the start of the year, and bulls given a boost by an increased price target from JPMorgan.
The analysts raised their target to 1,300p from 1,200p, reiterating an “Overweight” rating on the stock.
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The company reported its annual results in May, revealing a 4.2% increase in its dividend that will have delighted income investors. The company also highlighted a 24% reduction in storm overflow spills, demonstrating progress in environmental stewardship.
The average price target on the street of 1,244p reflects a healthy upside from current price action. Pre-tax profits doubled in the the last year, and funding for a £13.7billion investment plan has been secured, setting the tone for what has been a solid bull trend.
Despite this, near term resistance remains.
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