Goldman Sachs upgrades Snam to 'buy', expects boost from higher capex

Snam SpA

18/02/2026 09:06

** Goldman Sachs upgrades Italy's Snam SRG.MI to "buy" from "hold", sees scope for higher core investments across the Italian gas system that could improve results long-term

** Expects the Italian gas services provider's capital expenditure to increase by around 15% in the next 5 years, reaching 14 billion euros ($16.57 billion) over 2026-30 to cover the need for infrastructure reinforcement

** It says higher capex supports earnings growth of about 5% per year over the next five years — roughly double what the market currently assumes — which suggests earnings in 2030 could end up about 12% higher than consensus

** Despite the higher investments, the brokerage forecasts Snam to stay within comfortable debt-level thresholds

** Out of 20 analysts that cover Snam SpA, seven rate the stock "strong buy" or "buy," ​nine rate "hold" and four​ rate the stock "strong sell" or "sell" - LSEG data

($1 = 0.8448 euros)

 (Reporting by Mirko Miorelli)

 ((Mirko.Miorelli@thomsonreuters.com))