RBC Capital downgraded National Grid (NGG) to Sector Perform from Outperform with a price target of 1,175 GBp, up from 1,150 GBp. The firm sees more limited upside at the current share price. RBC does not see an imminent catalyst for the stock with the RIIO-T3 draft determination “potentially adding some regulatory risk” prior to the final determination in December.
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