National Grid PLC (LSE:NG.) rose on Monday by 0.9% after Deutsche Bank upgraded its shares to ‘buy’ from ‘hold’.
The German investment bank noted throughout 2023, and for 20 months in total, it recommended investors position in integrated utilities.
“However, the sharp outperformance of integrated utilities over pure plays, particularly renewable pure plays causes us to reposition,” it said.
As a result, it has made six rating changes, downgrading integrateds and upgrading pure plays.
In the UK, National Grid is the beneficiary with the price target lifted from 1,020p to 1,150p.
In Europe, Elia and Orsted have been moved from ‘hold’ to ‘buy’.
Redeia has been upgraded from ‘sell’ to ‘hold’, while Enel has been lowered from ‘buy’ to ‘hold.’
Verbund has been cut from ‘hold’ to ‘sell.’
Back in the UK, and price targets for SSE PLC (LSE:SSE), United Utilities Group PLC and Severn Trent PLC (LSE:SVT) have been increased, supporting shares.
SSE's target goes from 2,000p to 2,050p, Severn Trent's target is raised from 2,600p to 2,700p and United Utilities' target is lifted from 1,070p to 1,100p.