RBC upgrades Naturgy on stronger earnings outlook, regulatory optimism

Naturgy Energy

21/04/2026 09:27

** RBC upgrades Naturgy NTGY.MC to "outperform" from "sector perform", expecting the energy group to outperform after a share price lag, helped by a better Spanish regulatory outlook

   ** RBC says a Spanish gas distribution framework may lift Naturgy's regulated revenue from 2027, while rising data-centre investments could improve the use and value of its gas turbine plants

** The broker also highlights higher valuation of Naturgy's gas and electricity networks, stronger outlook for LNG and thermal power generation

** It raises PT by about 23.5% to 31.5 euros/share

** Out of 19 analysts covering Naturgy, four rate it "strong buy"/"buy," 12 "hold" and three "strong sell"/"sell" - LSEG data

($1 = 0.8493 euros)

(Reporting by Mireia Merino)

((Mireia.merino@thomsonreuters.com; +48 58 769 67 10))