Fortum stock gains after Google nuclear deal and analyst upgrades

Published on 09/11/2026 at 14:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortum stock traded near EUR 24.74 on Nasdaq Helsinki as of September 9, 2026 after jumping more than 15 percent on a long-term nuclear power deal with Google. Several banks raised their targets on September 10, 2026, highlighting the changed risk profile.

Black and white reportage photo of energy technician in hard hat inspecting power plant switchgear panels — Fortum FI0009007132 Energietechniker mit Helm vor Schaltanlage im Kraftwerk der Schwarz-Weiß Reportage, Illustration mit AI erstellt.

Fortum Oyj stock (ISIN FI0009007132) closed at EUR 24.74 on Nasdaq Helsinki on September 9, 2026, up 15.82 percent from the previous close as investors responded to a 22-year nuclear power purchase agreement with Google for output from the Loviisa plant in Finland, according to Ad-hoc-news on September 10, 2026. As of September 10, 2026, the shares were trading around EUR 24.10, leaving them close to their recent multi-year highs per data from Morningstar.

Google power deal reshapes Fortum's profile

On September 9, 2026, Google announced a partnership with Fortum that includes a long-term power purchase agreement for up to 50 percent of the output from Fortum's Loviisa nuclear plant in Finland and a life extension of the facility to around 2050, as reported by 247wallst on September 10, 2026. According to Crux Investor on September 10, 2026, the agreement runs for 22 years, with Google committing to buy up to half of Loviisa's output, supporting Fortum's planned investment program of around EUR 1.0 billion at the plant.

The deal means Loviisa, which currently supplies about 10 percent of Finland's electricity, can continue operating well beyond 2030, stabilizing Fortum's nuclear output and cash flows according to 247wallst. For investors, the key quantitative shift is that a material portion of Fortum's future nuclear generation is now pre-sold under a long-dated contract, which reduces price risk but also caps upside if power prices spike.

Analysts lift ratings and targets after the rally

Following the announcement, several banks and research houses adjusted their views on Fortum on September 10, 2026. Investing.com reported that JPMorgan upgraded Fortum from Underweight to Neutral and raised its price target to EUR 24.30 from EUR 17.80, a 36.5 percent increase in the target level, citing the Google nuclear power deal as a key driver, according to Investing.com on September 10, 2026. The same report noted that Fortum shares had risen about 68 percent over the past year and were trading close to their 52-week high as of early September 2026.

Further rating changes came from European houses the same day. According to Zonebourse on September 11, 2026, BNP Paribas raised its recommendation on Fortum to Outperform from Neutral with a new price target of EUR 28.30, Danske Bank lifted its stance to Hold from Sell with a target of EUR 25.00, and SEB upgraded Fortum to Buy from Hold while increasing its target to EUR 29.00 from EUR 21.00. The new targets from these houses imply upside ranges between roughly 1 percent and around 18 percent from the September 9, 2026 close of EUR 24.74, underlining how the Google deal has shifted perceived valuation.

Valuation and nuclear guidance in focus

The sharp share-price move has also sparked debate about valuation. Analysis platform Simply Wall St estimated a fair value for Fortum shares at EUR 17.67 per share compared with the EUR 24.74 market price, implying about 29 percent downside from that level, according to Simply Wall St on September 10, 2026. For investors, this number highlights the tension between upgraded sell-side targets and a more conservative intrinsic-value model that still sees the shares as expensive after the rally.

Beyond the contract itself, Fortum has adjusted its nuclear production guidance. According to Investing.com, the company revised its 2026 nuclear production guidance down to a range of 23.0 to 23.5 terawatt hours from the previous 23.5 to 24.0 terawatt hours. While the reduction is modest at around 2 percent at the midpoint, it indicates a slightly more cautious view on output even as Fortum locks in a substantial portion of future production under long-term contracts.

Stock performance and trading metrics

Market data show how dramatic the recent move has been. Morningstar reported that Fortum's previous close on Nasdaq Helsinki was EUR 21.36 on September 8, 2026 and that the shares closed at EUR 24.74 on September 9, 2026, a gain of EUR 3.38 or 15.82 percent in a single session, with an intraday range between EUR 21.50 and EUR 25.02, according to Morningstar. An opinion piece on Stockhouse on September 11, 2026 noted that Fortum stock reached EUR 24.90 in Helsinki, describing this as the highest level in roughly four and a half years.

Per the data compiled in the Ad-hoc-news overview on September 10, 2026, Fortum's 52-week trading range spans up to a recent high near EUR 24.74 on Nasdaq Helsinki, and the stock has been one of the stronger performers in the European utilities space over the past year. For context, Investing.com highlighted that the company's US over-the-counter line traded around USD 5.79 at its 52-week high, underscoring how the rally has been visible in both euro and dollar terms, as summarized by Ad-hoc-news.

Stock stays near multi-year highs

As of the latest completed trading day on Nasdaq Helsinki, September 10, 2026, Fortum stock traded at around EUR 24.10 with a prior close at EUR 24.74 on September 9, 2026, keeping the shares close to their four-and-a-half-year high and reflecting the repricing triggered by the Google nuclear power agreement, based on data from Morningstar on September 11, 2026.