Citi analyst Jenny Ping upgraded National Grid (NGG) to Buy from Neutral following a period of share price underperformance, mostly driven by macro factors and flows. As the firm highlighted when it downgraded the name to Neutral, Citi continues to like the company’s RAV and earnings growth profile, which is largely underpinned by investments with political and regulatory support, and that the firm would have no hesitation to step back into the shares should there be any unjustified selloff given these strong fundamentals. Citi is now stepping back in.
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