In a report released today, Ross Fowler from Bank of America Securities maintained a Buy rating on Nisource (NI – Research Report), with a price target of $43.00.
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Ross Fowler has given his Buy rating due to a combination of factors, primarily focusing on the recent developments in NiSource’s Northern Indiana Public Service Company (NIPSCO). The company has filed a notice of settlement in principle with the NIPSCO Industrial Group, which marks a significant step towards resolving the Generating Company (GenCo) application. This settlement indicates a positive alignment between NIPSCO and its industrial users, which is crucial for the company’s regulatory and operational progress.
Furthermore, the procedural schedule outlined suggests that the Indiana Utilities Regulatory Commission (IURC) could issue a final vote by July, assuming the settlement progresses smoothly. The potential for additional parties to join the settlement further enhances the likelihood of its adoption, which would be a favorable outcome for NiSource. Given these developments, along with the current stock price of $39.61 USD and a price objective of $43.00 USD, Fowler maintains a Buy rating, indicating confidence in the stock’s potential upside.
In another report released yesterday, Guggenheim also maintained a Buy rating on the stock with a $43.00 price target.