GS cuts Elia to 'neutral' from 'buy,' citing near-term upside already priced in

Elia SA

11/05/2026 08:33

** Goldman Sachs downgrades European power network operator Elia Group ELI.BR to "neutral" from "buy," saying strong near-term growth appears fully reflected in its share price

** It sees the firm as structurally compelling, but notes its shares performance has been strong year-to-date

** Up to the previous session's close, the stock was up 24.2%​ YTD - LSEG data

** "Without further capex acceleration, growth could start normalising post‑2029," GS says

** It expects EPS growth to normalise to mid-single digits after 2029 as capex peaks through 2030 before gradually dropping off

** A further meaningful re-rating of the stock would require clearer visibility on post-2028 growth, returns and funding, the broker adds

** Shares in Elia drop 1% at 0716 GMT, paring losses after falling as much as 3.2%

** Of 15 analysts that cover Elia Group, 11 rate the stock "strong buy" or "buy"​ and four rate it "hold" - LSEG data

(Reporting by Dimitri Rhodes in Gdansk)

((dimitri.rhodes@thomsonreuters.com))