Jefferies downgrades NiSource, cuts PT on rising Indiana regulatory risks

NiSource

05/09/2025 10:58

** Jefferies cuts price target for U.S. utility NiSource NI.N to $44 from $48; downgrades to "Hold" from "Buy"

** New PT represents about 10.5% upside to stock's last close on Thursday

** Brokerage says NI's outsized Indiana exposure makes it more vulnerable than peers to the unexpected change in leadership at the state's utility regulator

** "The dual headwinds of commissioner turnover and new cost-focused oversight from Governor Braun add meaningful regulatory uncertainty" - Jefferies

** The governor in April "issued an executive order to re-evaluate coal plant retirements, adding uncertainty to NI’s energy transition plans" -Jefferies

** 12 of 15 brokerages rate the stock "buy" or higher, and 3 "hold"; median PT is $44 - data compiled by LSEG

** As of last close, NI shares up 8.4% YTD

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))