UBS downgraded National Grid (NGG) to Sell from Neutral with a price target of 1,160 GBp, up from 1,100 GBp. The firm sees the stock’s risk/reward as skewed to the downside with the shares trading at a 57% premium to peers. The “attractive” RIIO-T3 price control is already reflected in the share price, the analyst tells investors in a research note.
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