Argus Upgrades National Grid (NGG) to Buy

December 1, 2016 8:14 AM EST
Get Alerts NGG Hot Sheet
Price: $58.33 +0.86%

Rating Summary:
    7 Buy, 5 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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.

For an analyst ratings summary and ratings history on National Grid click here. For more ratings news on National Grid click here.

Shares of National Grid closed at $57.07 yesterday.

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