04:15 AM EDT, 03/21/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We revise our 12-month target price for National Grid ( NGG ) to US$70 (from US$60), FY24 (Mar.) P/E of 15.7x, which is in line with its 5-year forward P/E average. We revise our FY24 EPS estimate to GBP3.50 (from GBP3.75) and FY25's to GBP3.65 (from GBP3.80). In its latest Beyond 2030 report, NG reiterated the need to upgrade the U.K.'s electricity network to support the huge requirement from renewables addition. Hence, NG announced a GBP58 bln investment plan, including an extension of the offshore power grid and building a new north-to-south electrical spine to transport the electricity generated in Scotland to the north of England. Also, NG plans to invest >US$4 bln across Upstate New York for infrastructural grid improvements. We think these investments are aligned with our view that electricity infrastructure plays an important role in net zero, while NG's highly regulated business model, which is shielded against price and volume risk, could also support its defensive profile. Maintain Hold.