NiSource price target lowered to $29 from $33 at Wells Fargo

Wells Fargo lowered the firm’s price target on NiSource to $29 from $33 solely to reflect the impact of lower peer group multiples and a higher discount rate in DDM, while keeping an Overweight rating on the shares following a solid update, with management expressing confidence in the 6%-8% EPS growth outlook now through 2028. Wells further points out that $1B of capex was added vs. the prior 5-year outlook and management highlighted $2B of upside opportunities.