UPDATE: Wunderlich Securities Raises PT to $26 on NiSource; Gas Infrastructure Opportunity

Wunderlich Securities increases its price target from $23 to $26 on Hold-rated NiSource NI as gas infrastructure expansion continues to drive value for the company. Wunderlich comments, "NiSource (NI) reported 1Q EPS of $0.76 versus $0.74 a year ago (our/consensus was $0.75/$0.70). As expected, improved results from the gas transmission, storage and distribution business (on a weather normalized basis) drove the improvement in the consolidated results. NI continues to pursue gas infrastructure expansion in the Midwest, given NI's attractive proximity to the shale gas regions in OH and PA. NI also appears very close to a joint venture to exploit the value of its eastern Utica acreage; an announcement is expected by the end of May. Further, the company announced a $220mm expansion to transport Marcellus gas to Gulf Coast markets." NI closed at $25.33 on Tuesday.