National Grid (LON: NG.) shares edged higher Tuesday after Bernstein began coverage of the electricity and gas network operator with a bullish rating.
Bernstein assumed coverage of the stock at outperform with a 1,310-pence price target, describing National Grid as offering “compelling” exposure to attractive regulated businesses at an “undemanding” valuation.
The firm said the company’s shift toward electricity and away from gas gives it a “highly attractive outlook underpinned by a decades-long decarbonization drive.”
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The stock rose 0.5% to 1,110 pence on Tuesday. Even so, it has lagged this year, down about 2.5% in 2026 and 7.9% over the past month.
The call adds to a mixed run of broker views. In June, Berenberg raised its price target to 1,350 pence from 1,300 pence but kept a hold rating, while BofA trimmed its target to 1,450 pence from 1,525 pence, citing higher interest rates and slightly higher net debt, though it maintained a buy.
Others have been more cautious. Deutsche Bank downgraded National Grid to hold from buy in June, cutting its target to 1,250 pence.
The bank highlighted at the time that the shares (at 1,215p) were trading at a significant premium after adjusting for extra allowances.
National Grid, one of the largest listed UK utilities, operates electricity and gas networks in Britain and the United States.
