As previously reported, Credit Suisse analyst Nicholas Campanella upgraded NiSource to Outperform from Neutral with a $27 price target post the AD which he sees as a de-risking catalyst for shares, removing uncertainties surrounding the strategic review, with a clearer path on asset sale and ultimately long-term EPS growth rate execution. While NiSource’s EPS and RAB growth rate are slightly lower than the prior plan, Campanella views the renewed EPS growth rate, 8%-10% RAB growth, pair with projected BBB+ credit rating with 14%-16% FFO/debt, as a reasonable proposal to get NiSource back to a premium utility multiple over time.
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Published first on TheFly
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Read More on NI:
- NiSource upgraded to Outperform from Neutral at Credit Suisse
- NiSource to host investor day
- NiSource extends long-term growth plan, announces 2040 net zero goal
- NiSource to sell a minority interest in NIPSCO business following review
- NiSource sees FY23 EPS $1.50-$1.57, consensus $1.55
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