National Grid upgraded to Buy from Hold at Jefferies

Jefferies upgraded National Grid to Buy from Hold with a price target of 1,330 GBp, up from 1,000 GBp. The analyst sees the UK’s plan to overhaul its transmission grid to facilitate more offshore wind connections as a “game-changer” for National Grid’s growth outlook. In addition, the capex outlook in the U.S. also looks to be gaining momentum, the analyst tells investors in a research note. The firm believes the next 12-24 months “could dramatically increase visibility on a highly compelling investment case.”