National Grid reinstated with a Neutral at Goldman Sachs

Goldman Sachs analyst Ajay Patel reinstated coverage of National Grid with a Neutral rating and 1,068 GBp price target, implying 6% upside. While the company’s capital investment opportunities remain attractive, there is better value elsewhere in the group, reflective of the higher interest rate environment, potential for increased U.K. regulatory scrutiny and the limited upside to the price target, the analyst tells investors in a research note. The firm prefers integrated/renewable utilities like RWE, Engie and Enel.