BofA double upgrades Spanish utility Endesa to 'buy' on strong delivery, improved outlook

Iberdrola SA

09/03/2026 13:18

** Bank of America Global Research double upgrades Spanish utility Endesa ELE.MC to "buy" from "underperform"

** Says strong delivery versus expectations, improved outlook for electricity distribution in Spain and meaningful upside optionality outweigh retail risk

** Brokerage raises 2026-2030 EPS estimate by about 10% to 20%, as Endesa expects net ordinary income to be 2.5 billion euros to 2.6 billion euros in 2028, which BofA says, could mean an 11% higher EPS in 2028 than it estimates

** Expects co's future earnings to beat consensus despite market share losses in Spanish retail remaining the key concern, on ELE's demonstrated consistency in meeting or beating its guidance

** Also sees downside protection in ELE stock thanks to a 2 billion euro share buyback, including 1 billion euros in 2026

** Of 23 analysts covering ELE, three rate the stock "strong buy" or "buy",​ 11 "hold" and nine​ "strong sell" or "sell"

 (Reporting by Gemma Guasch)

 ((gemma.guasch@thomsonreuters.com ; +48 58 746 90 08))