Citi analyst Jenny Ping upgraded National Grid to Buy from Neutral with a price target of 985 GBp, up from 920 GBp. The analyst sees an attractive set up with a constructive political and regulatory outlook as well as materially improved balance sheet. The shares trade at an attractive valuation for National Grid’s underlying assets that are meeting its regulatory and financial targets, albeit with scope to improve, the analyst tells investors in a research note.
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