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National Grid downgraded to Neutral from Buy at Citi

Citi analyst Jenny Ping downgraded National Grid (NGG) to Neutral from Buy with a price target of 1,050 GBp, down from 1,063 GBp. The firm views the shares as fairly valued following a 10% re-rating in the last three months. Citi now sees the shares as fairly reflecting National Grid’s growth prospects combined with policy and regulatory support.

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