National Grid upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded National Grid to Buy from Neutral with a price target of 1,059 GBp, up from 1,007 GBp. While the equity issuance and dividend re-basing led to a negative market reaction, the company’s investment program announcement removes questions around funding and leverage, the analyst tells investors in a research note. The firm says National Grid’s equity raise creates an attractive entry point. Goldman believes growing power demand could drive underappreciated upside for the company as investments into power networks continue to build.