Zacks Investment Research upgraded shares of Integrys Energy Group Inc. (TEG) from UNDERPERFORM to NEUTRAL on December 10, 2012, with a target price of $56.00.
We upgrade our recommendation to Neutral from Underperform on Integrys Energy Group on the back of positive rate outcomes in the company's People Gas North Shore and Upper Peninsula business wings. The company's ambitious Chicago Main Replacement program is progressing well and a portion of it is coming online in 2012, which will certainly aid in future growth. Additionally, its divestment of non-core Westwood, Beaver Falls, and Syracuse units will open up options for the company to engage in multiple high-return ventures. However, regulatory pressures, seasonal demand volatilities and unplanned outages are matters that remain a concern.
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