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Guggenheim downgrades NiSource, New Jersey Resources on valuation

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Guggenheim downgrades NiSource, New Jersey Resources on valuation

Guggenheim Securities LLC on Sept. 10 downgraded NiSource Inc. and New Jersey Resources Corp. to "neutral" from "buy" based on valuation.

"These are textbook valuation downgrades as fundamentals, core [operations] and [long term] growth outlook remains solid and intact, but can't see further catalysts to lend to incremental re-rating in the [near term], Guggenheim Analyst Shahriar Pourreza wrote. [We] don't see further [near term] catalysts that would drive earnings higher to warrant a higher multiple re-rating that outpaces our other Buy calls."

Guggenheim's price target for NiSource is at $28, and New Jersey Resources is $49. NiSource shares closed the Sept. 10 session at $27.62, and New Jersey Resources shares closed at $46.05.