National Grid (LON: NG.) fell slightly in Tuesday’s session and has edged lower again today, despite being upgraded by Societe Generale analyst Bartlomiej Kubicki.
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The company’s shares declined 0.59% on the day, closing the session at 1,003p per share, while they are currently down 0.1% so far on Wednesday. In 2022, National Grid shares are down 6.6%.
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In a research note, Kubicki told investors that he has upgraded National Grid stock to Buy from Hold with an unchanged price target of 1,210p.
The analyst explained that the current macroeconomic climate supports National Grid’s growth, while the higher yields, which negatively impact the company’s valuation, are “cushioned” by increased asset growth and a stronger US dollar.
Last week, JPMorgan resumed coverage of National Grid shares with an Overweight rating and 1,150p price target, telling investors the stock offers an attractive opportunity to invest in the energy transition in the UK and the US.
JPMorgan analyst Pavan Mahbubani added that more than 90% of National Grid’s investments over the next few years will be in regulated businesses, “underpinned by robust frameworks that offer a high degree of earnings and cash flow visibility.”
Elsewhere, in late September, Credit Suisse lowered its price target on National Grid to 1,150p from 1,225p but maintained an Outperform rating on the stock.
According to TipRanks, out of eight analysts, four have Buy ratings on National Grid shares, while four have Hold ratings. The average price target is1063.38p, representing a potential 5.8% upside in the stock.