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National Grid upgraded to Outperform from Market Perform at Bernstein

National Grid upgraded to Outperform from Market Perform at Bernstein

Bernstein analyst Deepa Venkateswaran upgraded National Grid (NGG) to Outperform from Market Perform with a 1,120 GBp price target Despite its U.S. peers seeing a re-rating over the past year, National Grid has not re-rated and continues to trade at a discount to European regulated network peers. Considering its growth, visibility and returns, the firm sees no reason for the U.S. business to trade at a discount, and given that the U.K. portion of the business is also attractive, with significant growth and a very constructive regulatory backdrop, Bernstein upgrades to Outperform.

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