Argus Upgrades National Grid (NGG) to Buy
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Argus upgraded National Grid (NYSE: NGG) from Hold to Buy with a price target of $62.00.
The analyst notes shares have underperformed over the past quarter, falling 16.7%. On valuation, NGG trades at 13.7-times our FY17 EPS estimate, toward the low end of the five-year historical average range of 11.7-17.0 and below the peer average of 16.5. Using a dividend discount model, they arrive at a fair value for NGG in the mid-$60s per ADR, about 15% above current levels.
Shares of National Grid closed at $57.07 yesterday.
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