UPDATE: ISI Group Raises PT to $35 on UIL Holdings on Increased Visibility Ahead

ISI Group reiterated its Hold rating on UIL Holdings

and raised its price target from $34 to $35. ISI Group commented, "UIL is ahead of its planned oil to gas conversions in '12 and plans to convert up to 35k customers to natural gas '11-'13, generating +/-$10mm of incremental net operating income, or $0.20/shr. We now assume they hit 100% of their goal through '13, and continue to win new customers in '14 and '15 (UIL will give ‘14+ goals at EEI). The CT Energy Strategy should be finalized in early '13, providing more visibility on the LDC's capital investment profile." UIL Holdings closed at $35.52 on Tuesday.