Top of the Street: Orsted, Fortum, National Grid, Galp

Fortum Oyj

17/03/2025 11:43

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:

** Bernstein cuts Danish wind power group Orsted ORSTED.CO to "market-perform" from "outperform", says it would like to "see a deeper discount as compensation for being more constructive"

** It also cuts Fortum FORTUM.HE to "market-perform" from "outperform", citing the Finnish energy group's reduced risk-reward

** In the same note Bernstein upgrades National Grid NG.L to "outperform" from "market-perform", pointing to the British utility firm's underappreciated value in its U.S. portfolio

** Morgan Stanley ups Portugal's Galp Energia GALP.LS to "equal-weight" from "underweight" as it believes shares no longer price in the value of a significantly bigger Mopane development

(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)

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 (Reporting by Anna Banacka and Boleslaw Lasocki)

 ((Anna.banacka@thomsonreuters.com ; boleslaw.lasocki@thomsonreuters.com))