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Investing.com - BMO Capital has raised its price target on NiSource (NYSE:NI) to $47.00 from $46.00 while maintaining an Outperform rating on the stock. The utility company, currently trading at $42.57 and near its 52-week high of $43.51, has delivered an impressive 18.29% return year-to-date.
The price target adjustment follows management meetings this week with NiSource executives, including EVP/CFO Shawn Anderson, VP/IR Durgesh Chopra, and Analyst/IR Sophroni Popovski.
BMO Capital cited the recent approval of NiSource’s GenCo/Declination filing as a positive development, noting it provides "increased speed-to-market and additional financial flexibility" for the utility company.
The firm also highlighted NiSource’s recently announced contract with a data center customer, which suggests a strong capital program refresh with third-quarter 2025 results, informed by NIPSCO’s 2024 IRP/MISO ERSA filings.
BMO Capital’s new price target is based on a mark-to-market/sum-of-the-parts valuation methodology, reflecting the firm’s incrementally positive outlook on NiSource following these developments.
In other recent news, NiSource Inc. has made several significant announcements concerning its operations and future plans. The Indiana Utility Regulatory Commission (IURC) has approved NiSource’s petition for a new structure under NIPSCO Generation LLC, aimed at serving the growing data center industry in Northern Indiana. This approval allows NiSource to pursue new opportunities while ensuring existing customers are not burdened with additional costs. Additionally, NiSource’s subsidiary, NIPSCO, has entered into a contract with a large investment-grade data center customer, which is set to begin in 2027 and increase annually through 2032. This agreement, pending IURC approval, includes a mechanism to return savings to customers.
UBS has reiterated its Buy rating on NiSource, maintaining a price target of $45.00, following the company’s disclosure of this new data center contract. However, Jefferies has downgraded NiSource from Buy to Hold, citing regulatory uncertainty in Indiana, with a revised price target of $44.00. This comes amid changes in the Indiana regulatory landscape, including the resignation of two IURC commissioners and the appointment of a new Office of Utility Consumer Counselor head. These changes have also led to concerns about potential delays in NiSource’s plans to spin off its Genco subsidiary, as noted by Citigroup analyst Ryan Levine, who maintained a neutral rating and a $44 price target.
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