GS, JPM upgrade Fortum as it wins major deal as part of Google's AI investment

Fortum Oyj

10/09/2026 08:29

** J.P. Morgan and Goldman Sachs expect Fortum FORTUM to boost its earnings and investment prospects after the energy group on Wednesday signed a power supply deal with Google GOOGL.O as part of its $15 billion AI investment in Finland
** Fortum shares rise 4% in early trading, extending Wednesday's gains when they soared 15.8%; they are up 40% YTD
** JPM upgrades the stock to "neutral" from "underperform", saying it had underestimated the scope for data centres and tighter power markets in the Nordics
** Nordic power prices have increased by more than 10% since July, driven by higher gas prices and expectations of higher power demand from data centres, JPM adds
** GS raises Fortum to "neutral" from "sell" and says the Google deal increases the company's hedged share of generated volumes, which could lead to reduced earnings volatility
** GS also raises its target price by 55% to €25.5

(Reporting by Boleslaw Lasocki)
((boleslaw.lasocki@thomsonreuters.com))