National Grid upgraded to Outperform from Market Perform at Bernstein

Bernstein analyst Deepa Venkateswaran upgraded National Grid (NGG) to Outperform from Market Perform with a 1,120 GBp price target Despite its U.S. peers seeing a re-rating over the past year, National Grid has not re-rated and continues to trade at a discount to European regulated network peers. Considering its growth, visibility and returns, the firm sees no reason for the U.S. business to trade at a discount, and given that the U.K. portion of the business is also attractive, with significant growth and a very constructive regulatory backdrop, Bernstein upgrades to Outperform.