KeyBanc Upgrades NiSource (NI) to Buy

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KeyBanc upgraded NiSource (NYSE: NI) from Hold to Buy with a price target of $26 on a sum of the parts valuation that captures higher market multiples for its gas distribution and pipeline/storage segments and assigns some value to NI's Utica acreage.

"We believe 2012 will have multiple positive catalysts for the shares including raising the dividend and establishing a payout policy, additional infrastructure opportunities in the Marcellus and Utica shale plays, and incremental detail around the transmission pipe modernization opportunity," the analyst said.

For an analyst ratings summary and ratings history on NiSource click here. For more ratings news on NiSource click here.

Shares of NiSource closed at $23.50 yesterday, with a 52 week range of $17.95-$24.53.

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