These brokerage firms believe the Company has improved its balance sheet, sold non-core businesses, and lowered its risk profile. The lack of near-term earnings growth compounded and driven by multiple regulatory overhangs, dampened the potential for strategic action, effectively limiting the stock's attraction. The firms think the investor will get some reward while waiting, given the 8.2% yield, and believe the shares will likely have an additional upside from the positive NIPSCO news. They continue to believe the Company has a challenging outlook between a heavy debt load, a high dividend payout ratio, and a significant exposure to the industrial part of the economy. However, they are encouraged by the progress the Company has made on the liquidity front. Although NI faces debt challenges, the outlook appears improved to the firms. The firms tend to view NI as more of a yield-oriented play, with only limited earnings growth and a dividend yield that will likely remain above average to compensate the lack of earnings growth. One overhang is the ongoing NIPSCO electric rate case, which is taking place against a very challenging regional economic climate in northern Indiana.