GS double upgrades Naturgy to 'buy' on growth prospects

Naturgy Energy

18/03/2026 12:54

** Goldman Sachs double upgrades Naturgy NTGY.MC to "buy" from "sell," saying the Spanish energy group is in a "strategic inflection point" to pivot towards growth

** In its view, the market underestimates Naturgy's earnings power, boosted by the ongoing energy crunch

** It expects Naturgy to use its balance sheet capacity of about 7 billion euros to drive profit growth, and models around 4 billion euros in re-leveraging

** GS notes the stock has underperformed its sector by 15% year-to-date and trades at a double-digit discount to sector and its 15x historical average multiple

** The brokerage raises its price target by 15% to 30 euros, and sees Naturgy's 2030 earnings per share around 20% ahead of consensus

** Out of 19 analysts that cover Naturgy, two rate the stock "strong buy" or "buy,"​ 14 "hold" and three​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Marta Serafinko in Gdansk)

 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))