Barclays lifts Iberdrola to overweight on "once in a generation" opportunity

Iberdrola SA

26/05/2026 12:02

** Barclays raises Iberdrola IBE.MC to "overweight" from "equal weight", citing a "once in a generation" opportunity driven by the energy transition, rising demand from AI and data centres, and the need for secure power supply

** The broker calls it a "gold standard" utility with a rare long-term growth setup, and raises its price target to €22.6 from €16.9

** Barclays expects Iberdrola to deliver about 11% annual earnings growth between 2026 and 2030, above both its own guidance and market forecasts

** Despite trading at a premium, it says the valuation is justified given its growth profile, and expects the group to deliver slightly higher returns and dividends than the wider utilities sector

** Barclays continues to favour large, integrated utilities, also naming RWE RWEG.DE, SSE SSE.L and Engie ENGIE.PA among its top picks

 (Reporting by Gemma Guasch)

 ((Gemma.guasch@thomsonreuters.com))