National Grid downgraded to Neutral from Buy at Citi

Citi downgraded National Grid to Neutral from Buy with a price target of 1,050 GBp, up from 985 GBp. The firm continues to like National Grid’s earnings growth profile in a sector relative context, which is largely underpinned by continued investments that have political and regulatory support. However, the firm finds the stock fairly valued following the recent rally. It sees better value at other regulated names in the sector such as E.On or Redeia.