Analyst Ross Fowler of Bank of America Securities reiterated a Buy rating on Nisource, boosting the price target to $47.00.
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Ross Fowler has given his Buy rating due to a combination of factors that highlight NiSource’s strong position and growth potential. The company has transformed into a leading entity under a competent management team, showcasing an impressive earnings per share growth profile of 6-8%. This growth is supported by a robust balance sheet and effective regulatory and financial execution, which are crucial for sustaining long-term performance.
Additionally, NiSource’s substantial capital expenditure plan of $19.4 billion, with an additional $2.2 billion in potential upside, underscores its commitment to driving business growth. The company benefits from one of the lowest delivered cost structures in its region, allowing it to balance affordability with returns effectively. Key areas of focus include developments related to GenCo and regulatory updates in Indiana, which are expected to provide further clarity and guidance for investors. The updated price objective of $47 reflects a potential total shareholder return of approximately 11%, reinforcing the Buy recommendation.
In another report released on October 21, Barclays also maintained a Buy rating on the stock with a $46.00 price target.
NI’s price has also changed moderately for the past six months – from $39.020 to $44.130, which is a 13.10% increase.