Barclays starts NiSource at Overweight on earnings growth plan

Barclays initiated coverage of NiSource with an Overweight rating and $28 price target. The analyst sees the company as a premium gas / electric utility with a 6%-8% earnings growth plan that is “highly executable.” NiSource has limited rate case risk and an attractive entry point at a small valuation discount to both gas and electric comp groups, the analyst tells investors in a research note.