Morgan Stanley analysts led by Robert Pulleyn and Arthur Sitbon said they expect European utilities to outperform the market in 2023 with 2022 headwinds reversing. However, they also expect 2023 to be "a year to reward stock picking," with no sub-sector preference and expect the market to "focus on stock idiosyncracies." In that context, the analysts upgraded National Grid (NGG) to Overweight and downgraded Enel (ENLAY), Endesa (ELEZY), E.ON (EONGY), CEZ (CEZYY) and ERG SpA to Underweight. Their new estimates put the firm "largely ahead of consensus for the majority of names" in the group, they noted.
Published first on TheFly
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